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Saratoga Resources Exits Bankruptcy - Quick Facts

(RTTNews) - Saratoga Resources, Inc. (SROEQ.OB) said Friday that it filed with the U.S. Bankruptcy Court a notice of satisfaction of the conditions of effectiveness of its Modified Third Amended Plan of Reorganization, whereupon the company, and its subsidiaries, emerged from chapter 11 bankruptcy protection.

In conjunction with the company's exit from bankruptcy, the company entered into amendments extending and modifying certain terms of its principal credit facilities. Under the terms of the company's plan of reorganization, among other provisions, all creditors of the company and its debtor subsidiaries holding allowed claims will be paid in full and all equity holders will retain their existing shares.