Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Breitburn Energy Partners Plan Confirmed

The U.S. Bankruptcy Court confirmed Breitburn Energy Partners' Third Amended Joint Chapter 11 Plan [with Technical Amendments]. As previously reported, the Court denied confirmation of the Third Amended Joint Chapter 11 Plan on March 9, 2018--stating, "...the Debtors have failed to sustain their burden of proving that the Plan does not unfairly discriminate against Class 5B." However, the Company filed a technically modified version of its Plan on March 13, 2018 to address those issues. According to documents filed with the Court, "The Plan is premised on the division of the Debtors' existing businesses and assets into two separate entities upon the occurrence of the Effective Date under the Plan: (1) a newly-formed limited liability company ('LegacyCo') that will own all of the Debtors' assets other than certain assets related to the Permian Basin…and (2) a newly-formed corporation ('New Permian Corp.') that will acquire all of the equity of a newly-formed limited liability company ('New Permian LLC') that will own the Permian Assets." This independent oil and gas partnership filed for Chapter 11 protection on May 15, 2016, listing $1.1 billion in pre-petition assets.

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