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Breitburn Energy Bankruptcy Financing Amended

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The U.S. Bankruptcy Court approved Breitburn Energy Partners’ motion to approve a sixth amendment to the Company’s post-petition financing arrangements.

As previously reported, “Pursuant to this Motion, the Debtors seek authority to further amend their existing postpetition revolving loan facility.…that (a) extends the Existing DIP Facility’s scheduled maturity date to March 31, 2018; and (b) provides for the payment of certain fees to the agent and lenders thereunder (in such capacities, the ‘DIP Agent’ and ‘DIP Lenders,’ respectively) in consideration for the extension…The Debtors have recently filed their proposed plan of reorganization and accompanying disclosure statement, and a motion to, among other things, approve the Disclosure Statement and solicitation procedures, and to schedule a confirmation hearing. The Plan has the support of the Debtors’ principal creditor constituencies.”

In addition, “Although it is possible that the Plan may be confirmed and become effective before the Existing DIP Facility’s scheduled maturity date of December 31, 2017, in view of potential objections and scheduling it is very possible that these chapter 11 cases will continue past December 31, 2017. Accordingly, the Debtors and the DIP Agent on behalf of the DIP Lenders have engaged in good faith and arms’ length negotiations on the Sixth Amendment to continue the Existing DIP Facility (including the letters of credit sub-facilities thereunder) on terms that were previously approved by the Court.”

Read more Breitburn Energy bankruptcy news.

The post Breitburn Energy Bankruptcy Financing Amended appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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