The source is at GlobeNewsWire, dated February 3, 2014.
Update on "plan of reorganization" for GMXR (modified/go to linked source for full statement).
The company announces today that its confirmed Plan of Reorganization has become effective. The Plan, which was confirmed by a Bankruptcy Court order dated January 22, 2014, reorganizes the Debtors into privately held entities that will not be listed on any national securities exchange.
The Company expects to formally terminate the registration of its securities with the Securities and Exchange Commission early this week.
The reorganization of the Debtors' capital structure under the Plan reduces the total amount of outstanding indebtedness by approximately $505,000,000 under four separate indentures.
Secured claims under the senior-most indenture, allowed by the Bankruptcy Court in the amount of $338,000,000 have been exchanged for equity interests in Thunderbird Resources Equity Inc. ("Reorganized GMXR") and/or Thunderbird Resources LP ("New GMXR").
All priority non-tax claims have been paid off today or will be paid as soon as reasonably practical. General unsecured creditors received a pro rata share of (1) interests in a creditor trust created as of the Effective Date; and (2) $1.5 million in cash. At the option of the Debtors (with certain required consents), intercompany claims were either reinstated or eliminated, in full or in part. As of the Effective Date, all rights and interests of holders of the Company's common and preferred stock have been terminated. Finally, equity interests in the debtor subsidiaries are now held directly by Reorganized GMXR for the benefit of the holders of Reorganized GMXR common stock.With regard to the Bakken and this blog, one will see Thunderbird Resources LP "replacing" GMXR.