Breitburn Energy seeks further exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, Feb. 23 – Breitburn Energy Partners LP asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday.

Breitburn wants to extend its exclusive filing period through May 12 from March 13 and the solicitation period through July 11 through May 12.

The company said the proposed extension will allow it to continue negotiations designed to culminate in the filing of a plan of reorganization that will maximize value for their economic stakeholders.

“Substantial progress has been made in this endeavor, and the requested extensions of the exclusive periods will serve to preserve and maintain the delicate balance of the negotiation process and maximize the ability to achieve a consensual plan,” the motion said.

A hearing is scheduled for March 8.

Breitburn is a Los Angeles-based oil and gas master limited partnership focused on the acquisition, development and production of oil and gas properties throughout the United States. The company filed bankruptcy on May 15, 2016 under Chapter 11 case number 16-11390.

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