Catalyst Natural Gas, LLC (CNG), Catalyst Supply Services, Inc. (CSS), and Catalyst Energy Group, Inc. (CEG), collectively the Debtors, filed voluntary petitions for relief under the reorganization provisions of Chapter 11 of Title 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia on October 1, 2008 (the Petition Date), jointly administered under Case No. 08-79390-JB.
The Debtors distributed gas acquired pursuant to a certain ISDA Master Agreement with Constellation Energy Commodities Group and executed a guaranty and security agreement.
On October 21, 2008, the United States Trustee (UST) appointed the Official Committee of Unsecured Creditors of the Debtors (the Committee) and the Committee has actively participated in the Bankruptcy Cases since that date. Between the Petition Date and January 21, 2009, the Debtors managed the affairs as a debtor-in-possession and ceased all business operations other than collecting certain accounts receivable, pursuing notes and investigating other asset recoveries. On January 21, 2009, S. Gregory Hays was appointed Trustee (Trustee) and is engaged in winding up the affairs of the Debtors. Subsequently, both the UST and Committee consented to the Trustee filing a motion to convert the Chapter 11 case to proceedings under Chapter 7. On 2/12/09 (the “Conversion Date”) the case was converted to Chapter 7.