Breitburn Energy Partners filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof, both through and including January 15, 2018.
The motion explains, “After extensive negotiations with various creditor constituencies holding competing interests, the Debtors filed their joint chapter 11 on October 11, 2017. The Plan provides for a comprehensive restructuring and addresses 11 classes of claims against and interests in the Debtors. Importantly, the Plan is the result of the Debtors interfacing and engaging in arms’ length negotiations and reaching a consensus with their key economic stakeholders holding more than $2 billion of their funded debt. More specifically, the prosecution, confirmation, and consummation of the Plan is supported by (i) the Debtors’ Revolving Credit Facility Lenders holding approximately $750 million in Revolving Credit Facility Claims; (ii) the Debtors’ Second Lien Group holding claims in excess of $790 million; and (iii) holders of more than 68% of the Debtors’ Unsecured Notes, or approximately $785 million in principal amount. The efforts of the Debtors and these major parties in interest should not be undermined at the eleventh hour of these chapter 11 cases by the distractions of competing plans.”
In view of the broad support for the Plan, the limited amount of time between the hearing on the Disclosure Statement and the expiration of the current Exclusive Solicitation Period, and the diligence with which the Debtors have pursued Plan confirmation, the Debtors submit that ample cause exists for the requested extension of the Exclusive Solicitation Period. The Court should not permit the extraordinary efforts of the Debtors and their major economic stakeholders in formulating and reaching a consensus on the Plan to be subverted by a competing plan or plans before giving the Debtors a reasonable opportunity to confirm and consummate the Plan.” The Court scheduled a November 21, 2017 hearing on the motion, with objections due by November 14, 2017.
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