Bankruptcy Proceedings and Emergence Bankruptcy Proceedings and Emergence

6 Months Ended

Jun. 30, 2018

Reorganizations [Abstract]

Bankruptcy Proceedings and Emergence

Bankruptcy Proceedings and Emergence

On May 12, 2016, we and eight of our subsidiaries filed voluntary petitions (In re Penn Virginia Corporation, et al., Case No. 16-32395) seeking relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of Virginia (the “Bankruptcy Court”).

On August 11, 2016, the Bankruptcy Court confirmed our Second Amended Joint Chapter 11 Plan of Reorganization of Penn Virginia Corporation and its Debtor Affiliates, and we subsequently emerged from bankruptcy on September 12, 2016 (the “Emergence Date”).

Effective January 17, 2018, the Bankruptcy Court closed the eight cases attributable to our subsidiaries, leaving the aforementioned lead case open pending the entry of a final decree or order by the Bankruptcy Court. While our emergence from bankruptcy is effectively complete, certain administrative and claims resolution activities will continue under the authority of the Bankruptcy Court until they have been appropriately discharged. As of August 3, 2018, certain claims were still in the process of resolution. While most of these matters are unsecured claims for which shares of our common stock have been allocated, certain of these matters must be settled with cash payments. As of June 30, 2018, we had $3.9 million reserved for outstanding claims to be potentially settled in cash. This reserve is included as a component of “Accounts payable and accrued liabilities” on our Condensed Consolidated Balance Sheet.