Breitburn Energy Partners filed with the U.S. Bankruptcy a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including July 11, 2017 and September 9, 2017, respectively.
The motion explains, “The Debtors have been administering these cases economically and efficiently and managing a coordinated plan negotiation process consistent with the priorities of their capital structure. The Debtors believe that this process will result in a Proposed Plan premised on a substantial equity infusion and an approximate $1.9 billion deleveraging of the Debtors’ balance sheet.”
In addition, “The modest extensions of the Exclusive Periods requested herein will allow this process to be finalized in a rational manner, consistent with the intent and purpose of chapter 11, maximize value for the Debtors’ economic stakeholders, and assure the Debtors’ successful emergence from chapter 11 and, most importantly, their long-term viability.” The Court scheduled a June 1, 2017 hearing to consider the motion.
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