Breitburn Energy wins exclusivity extension with plan being finalized

By Caroline Salls

Pittsburgh, July 20 – Breitburn Energy Partners LP obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Breitburn’s exclusive filing period was extended through Sept. 12 and the solicitation period through Nov. 13.

The company said in its May 5 motion that it was in the process of finalizing negotiations and documentation for a plan of reorganization that provides for $1 billion of new equity capital in the reorganized enterprise.

According to the motion, the extension will give Breitburn the opportunity to finalize the plan issues, attempt to reach an agreement with the remaining holders of its 9¼% senior secured second-lien notes and further discuss the possibility of a plan treatment consensus being reached with an official committee of equity security holders.

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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