Bankruptcy Judge agrees with Credit Suisse, it's all over Yesterday, Kevin Gross, the Bankruptcy Judge overseeing the Tuscany case, signed an order approving the Plan of Reorganization and Disclosure Statement. The following is an extract.
Class 7 Old HoldCo Interests (Previously defined as equity interests in Tuscany International Drilling)
Treatment: On the Effective Date, the Old HoldCo Interests will be cancelled without further notice to, approval of or any action by any entity, and each Holder of an Old HoldCo Interest shall not receive any distribution or retain any property on account of such Old HoldCo Interest.
Voting: Class 7 is an Impaired Class and is deemed to have rejected this Plan. Therfore, Holders of Old HoldCo Interests will not be entitled to vote to accept or reject this Plan.
The Plan and Disclosure Statement assume that the Credit Suisse bid will be successful. It states it would have to be amended if other higher bidders emerge, however the fact that the judge is approving these documents indicates that he believes it's all over for the equity holders.