Alta Mesa Resources Inc. received court confirmation of its chapter 11 plan of liquidation, marking the beginning of an end to a tumultuous bankruptcy, Bloomberg Law reported. The approval will let the company wind down its affairs after it was forced to sell most of its assets at a steep discount due to Covid-19 and a collapse in oil prices. Judge Marvin Isgur of the U.S. Bankruptcy Court for the Southern District of Texas confirmed the plan for Alta Mesa and its affiliates after a hearing Wednesday. The plan “was overwhelmingly accepted” by every class of creditors and the company resolved a dozen objections, Caroline A. Reckler of Latham & Watkins LLP, an attorney for Alta Mesa, told the court. The plan appoints a plan administrator and a litigation trustee to efficiently wind down the estates, Robert Albergotti, the company’s chief restructuring officer, said in a declaration filed with the court. The wind-down budget provides sufficient funds to pay all administrative claims, Albergotti said. Judge Isgur on Wednesday also confirmed the plan and company disclosures of Alta Mesa subsidiary Kingfisher Midstream, LLC, which followed Alta Mesa into bankruptcy in January.
