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Breitburn Energy Partners Chapter 11 Petition Filed

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Breitburn Energy Partners and more than 20 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 16-11390. The Company, which is involved in the acquisition, exploitation and development of properties in the United States that bear oil, natural gas and NGL, is represented by Ray C. Schrock of Weil, Gotshal & Manges.

Breitburn Energy Partners expects to continue its operations without interruption, and cash from its operations, cash on hand and a $75 million debtor-in-possession financing facility will provide the Company with more than adequate liquidity to fund its operations during the restructuring process. The Company initiated these Chapter 11 cases to facilitate a balance sheet restructuring.

Hal Washburn, chief executive officer, comments, “The prolonged decline in commodity prices that began in 2014 has placed significant financial stress on today’s oil and gas industry. Our long-lived, low-decline portfolio of diverse assets continues performing in line with our expectations, but the current outlook for commodity prices makes our existing debt burden unsustainable. Taking this action now gives us flexibility in maximizing the value of the ongoing business. By continuing the proactive approach we started 15 months ago and restructuring our balance sheet now, we expect to create a stronger and more financially sound company for the benefit of all our stakeholders.”

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The post Breitburn Energy Partners Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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