Item 1.02 Termination of a Material Definitive Agreement.
The information set forth below in Item 1.03 of this Current Report on Form 8-K
is incorporated herein by reference.
Item 1.03 Bankruptcy or Receivership.
As previously disclosed, on November 18, 2019, Approach Resources Inc.
("Approach," the "Company" or "we") and all of its subsidiaries (the "Filing
Subsidiaries and, together with Approach, the "Debtors") filed voluntary
petitions (collectively, the "Bankruptcy Petitions") under chapter 11 ("Chapter
11"), of Title 11 of the U.S. Code (the "Bankruptcy Code") in the United States
Bankruptcy Court for the Southern District of Texas (the "Court"), thereby
commencing the jointly administered Chapter 11 cases captioned In re Approach
Resources Inc., et al., Case No. 19-36444 (Bankr. S.D. Tex.) (the "Chapter 11
Cases").
On October 30, 2020, the Debtors filed the Joint Plan of Liquidation of Approach
Resources Inc. and its Debtor Affiliates Under Chapter 11 of the Bankruptcy Code
[Dkt. No. 643] (as amended from time to time, the "Plan") and related disclosure
statement [Dkt. No. 644] (as amended from time to time, the "Disclosure
Statement") with the Court. On November 10, 2020, the Court entered the order
conditionally approving the Disclosure Statement, establishing solicitation and
voting procedures, scheduling a combined hearing and establishing notice and
objection procedures.
As previously reported, on December 16, 2020, the Court entered an order
approving the Disclosure Statement on a final basis and confirming the Plan (the
"Confirmation Order"). As of December 31, 2020, all conditions precedent to the
Plan's effectiveness have been satisfied or waived according to the Plan, and
the Plan has been made effective.
Item 3.03 Material Modification to Rights of Security Holders.
The information set forth above in Item 1.03 of this Current Report on Form 8-K
is incorporated herein by reference.
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