SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
_________________
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report: March 30, 2010
(Date of
earliest event reported)
(Exact
Name of Registrant as Specified in Charter)
(State or
Other Jurisdiction of Incorporation)
000-52106
(Commission
File Number)
|
20-2514234
(IRS
Employer Identification No.)
|
(Address
of Principal Executive Offices and Zip Code)
Registrant’s
telephone number, including area code: (832) 375-0330
o |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
As
previously disclosed in the Registrant’s Current Report on Form 8-K, dated
February 9, 2010, on February 3, 2010, the Registrant received a notice of
acceleration (the “Notice of Acceleration”) from Macquarie Bank Limited
(“Macquarie”) pursuant to which the Registrant’s obligations under its credit
agreement with Macquarie (the “Credit Agreement”) were accelerated and became
immediately due and payable. On March 30, 2010, Macquarie filed a
foreclosure petition (the “Petition”) in Bossier Parish, Louisiana pursuant to
which Macquarie will foreclose upon the collateral securing the Credit
Agreement, which includes the Registrant’s oil and gas leases (the
“Collateral’). On March 31, 2010, the 26th
Judicial District Court for the Parish of Bossier, State of Louisiana (the
“Court”) ordered that a Writ of Seizure and Sale be issued immediately (the
“Writ”). The Writ directs the Sherriff of Bossier Parish to seize and
foreclose on the Collateral to pay and satisfy the claim of Macquarie (the
“Foreclosure”), with preference over the claims of all other persons and
entities against the Registrant. The Court also ordered that White
Stone Energy, L.L.C. be appointed as keeper of the Collateral subject to the
Writ. As a result of the Foreclosure, the Registrant will be cease to
operate as a going concern.
Item
8.01 Other Events.
As
previously disclosed in the Registrant’s Current Report on Form 8-K, dated March
17, 2010, in response to the Notice of Acceleration, on March 12, 2010,
management sent a letter to the Registrant’s creditors (the “Creditors”)
proposing the conversion of the Registrant’s liabilities into equity of the
Registrant (the “Proposal”). On March 31, 2010, the Registrant sent a
letter to the Creditors informing them that the Petition had been filed and
stating that as the Registrant had not received sufficient positive interest in
the Proposal, the Proposal was withdrawn. Due to the Foreclosure, the
Registrant is currently in the process of drafting a final letter to the
Creditors and other operationally related entities informing them that the
Registrant and its wholly-owned subsidiary Southern Star Operating, Inc. are
ceasing corporate operations.
SIGNATURES
In
accordance with the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SOUTHERN
STAR ENERGY INC.
(Registrant)
|
Dated: April
7, 2010
|
By: /s/
William
David Gibbs
William
David Gibbs
Chief
Executive Officer, President and
Secretary
|