Stallion Ch. 11 Plan Offers $25M To Secured Lenders

Law360, New York (November 19, 2009, 2:06 PM EST) -- Stallion Oilfield Services Ltd., which filed a prepackaged bankruptcy in October, has submitted a Chapter 11 reorganization plan that would provide secured lenders about $25 million in principal payments, permanently reducing the company's obligations outstanding under a secured credit agreement.

The plan, which essentially matches the prepackaged plan designed prior to Stallion's bankruptcy, was filed along with disclosure statements Wednesday in the U.S. Bankruptcy Court for the District of Delaware.

About $259 million outstanding under an unsecured bridge loan agreement and about $284 million outstanding under...
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