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Court Confirms Lilis Energy’s Modified Debtors’ Liquidating Chapter 11 Plan

Vinson & Elkins advised Lilis Energy, Inc. (the “Company”), an exploration and development company operating in the Permian Basin of West Texas and Southeastern New Mexico, in connection with its Modified Debtors’ First Amended Joint Liquidating Chapter 11 Plan (the “Plan”). The Plan, which was confirmed in the United States Bankruptcy Court for the Southern District of Texas, Houston Division on November 17, 2020, received the overwhelming support of all creditors.

The Plan provides for, among other things, the distribution to creditors of approximately $46.6 million in cash proceeds from a Bankruptcy Court-approved sale of substantially all of the Debtors’ assets to Ameredev Texas LLC, a global settlement between and among the Company and its key economic stakeholders, $786,750 of cash to fund recoveries for general unsecured creditors, and the dissolution of the Company and cancellation of all equity interests on the effective date of the Plan.

The V&E team is led by partners George Howard, David Meyer, Harry Perrin, Bryan Loocke, Rebecca Petereit and of counsel Jim Prince, with assistance from senior associates Steven Zundell and Garrick Smith and associates Michael Garza, Kiran Vakamudi, Trevor Spears, Emily Tomlinson, Lauren Lundy, Adia Coley and Eli Medina. Also advising are partners Jeff Floyd, James Longhofer, John Lynch, David Peck, Ferguson McNiel and Wendy Salinas; counsel Sarah Mitchell; senior associates Zach Rider, Allison Fuller, Jing Tong, Matthew Hoffman and Anne Peetz; and associates Cesar Leyva, Neil Clausen, Jeremy Gonzalez, David Lassetter, Marcus Martinez, Erin Webb, Brian Broussard and Alicia Vesely.

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