In re: EdgeMarc Energy Holdings, LLC, Case No. 19-11104 (JTD)
LRC served as co-counsel to EdgeMarc Energy Holdings, LLC and its eight affiliated entities (collectively, “EdgeMarc”) in their chapter 11 proceedings (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the District of Delaware. EdgeMarc was an exploration and production company engaged in the acquisition, production, exploration, and development of natural gas and natural gas liquids from underground deposits in the Appalachian Basin. LRC advised EdgeMarc regarding all issues associated with the Chapter 11 Cases, including the negotiation, marketing and sale of EdgeMarc’s Ohio (the “Ohio Assets”) and Pennsylvania (the “PA Assets”) assets. LRC, along with EdgeMarc’s other professionals, engaged in extensive settlement negotiations with the Official Committee of Unsecured Creditors (the “Committee”), the lender, ETC Northeast Pipeline, LLC, a major creditor, and other parties in interest (collectively, the “Parties”) that resulted in a comprehensive settlement (the “Global Settlement”) regarding the various disputes between and among the Parties, including the Committee’s sale objections and motion to convert the Chapter 11 Cases. The Global Settlement, which was approved by the Bankruptcy Court on February 7, 2020, allowed for a consensual sale of the PA Assets and provided the framework for a meaningful recovery for EdgeMarc’s creditors. Following the Global Settlement, LRC formulated and implemented the wind-down strategy and negotiated, documented and prosecuted a joint plan of liquidation (the “Plan”) which implemented the Global Settlement. In connection with the Plan, LRC resolved numerous issues including, among others, various feasibility and third-party release concerns raised by various parties in interest. Resolution of these issues allowed for a consensual Plan that was approved by the Bankruptcy Court on June 23, 2020 and went effective on July 31, 2020. LRC assisted in the turnover of the estate to the Liquidating Trustee.
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