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Cubic Energy Successor's Ch. 11 Debt Swap Plan Gets OK'd

Law360, Wilmington (May 17, 2019, 8:11 PM EDT) -- Bankrupt oil and gas exploration company Hilltop Energy LLC received court approval Friday in Delaware for its proposed schedule seeking rapid confirmation of its $53 million debt-for-equity swap.

During a first-day hearing in Wilmington, Hilltop attorney J. Kate Stickles of Cole Schotz PC said a combined hearing on the debtor's Chapter 11 plan and disclosure statement had been set for June 25, and that all creditors impacted by the proposed debt swap had already voted to approve the plan.

"The plan was solicited prepetition and was unanimously accepted by the voting classes [of creditors]," she told the court.

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