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SEC Filings

AZURE MIDSTREAM PARTNERS, LP filed this Form 8-K on 03/21/2017
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E.                                     Pipelines, Land and Facilities


·                  Pipelines, Land, and Facilities consists of approximately 935 miles of pipelines located in East Texas and Louisiana in the Haynesville Shale.


·                  The pro forma book value is expected to be zero as these assets will transfer to BTA on the Sale Closing Date


F.                                      Transloading Assets


·                  Transloading assets consist of eight skid transloaders and eight ladder transloaders located at a storage facility in Salt Lake City, Utah.


·                  The transloading assets were not included in the Sale Transaction.


·                  The Liquidation Analysis estimated recovery for these assets factors in an accelerated time frame of a proposed asset sale, low demand for these asset types in the current market and an overall lack of industry liquidity and financing sources.


·                  The Liquidation Analysis assumes a recovery 9.9% to 11.5% of the pro forma balance.


G.                              Construction in Progress


·                  All construction in progress assets are assumed to transfer to BTA on the Sale Closing Date.


·                  The Liquidation Analysis assumes the pro forma balance for these assets is zero.


H.                                   Liquidation Adjustments


·                  Estate Wind-Down Costs:  consist primarily of general and administrative support functions that would be required to wind-down the Chapter 7 Estate.  These wind-down functions are assumed to occur over a 6-month period concurrently with the monetization of any remaining Estate assets.


·                  Professional Fees:  include estimates for certain professionals required during the wind down period and are estimated at a range of 0.2% to 0.6% of gross liquidation proceeds.


·                  Trustee Fees:  Section 326 of the Bankruptcy Code provides for Trustee fees of 3% for liquidation proceeds in excess of $1 million. The Liquidation Analysis, therefore, assumes Trustee fees are 3% of proceeds available for distribution to creditors.



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