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Breitburn Energy Bankruptcy Objections Filed

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Multiple parties – including American Contractors Indemnity Company, U.S. Specialty Insurance Company, Wilmington Trust Company, the official committee of unsecured creditors and the statutory committee of equity security holders–filed with the U.S. Bankruptcy Court separate objections to Breitburn Energy Partners’ Disclosure Statement.

The unsecured creditors committee states, “The Committee cannot support the Plan as proposed without significant changes. Certain of the Committee’s objections should and will be addressed at confirmation–primarily, that the Plan undervalues the Debtors’ assets. If the Plan is unchanged at confirmation, the Committee expects to raise a number of valuation-related issues, including challenges under sections 1129(a)(7) (the best interests test), 1129(a)(3) (good faith), and potentially 1129(b)(2)(B)(ii) (the absolute priority rule). But other objections render the Plan un-confirmable on its face and therefore must be addressed now, as a disclosure statement should not be used to solicit votes on a patently un-confirmable plan.”

Read more Breitburn Energy bankruptcy news.

 

The post Breitburn Energy Bankruptcy Objections Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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