AMT Global (AMT) filed with the U.S. Bankruptcy Court an objection to Breitburn Energy Partners’ Third Amended Joint Chapter 11 Plan [with technical modifications].
The objection explains, “The Modified Third Amended Plan filed by the Debtors on March 13, 2018 purports to make minor ‘technical’ adjustments to the Debtors’ Third Amended Joint Chapter 11 Plan (the ‘Third Amended Plan’) in light of this Court’s Memorandum Decision and Order Denying Confirmation of the Debtors’ Third Amended Plan (the ‘Confirmation Denial Order’). In reality, however, the Modified Third Amended Plan materially changes the substantive rights and reasonable expectations of creditors, alters the distribution scheme, and risks leaving creditors without recourse on the basis of their prior acceptance of the Third Amended Plan.”
In addition, “Thus, AMT hereby objects to confirmation of the Modified Third Amended Plan pursuant to sections 1127(c) and 1129(a)(2) of the Bankruptcy Code and Rule 3019 of the Federal Rules of Bankruptcy Procedure (the ‘Bankruptcy Rules’). In the Confirmation Denial Order, the Court ‘re-valued’ the Debtors’ assets and expressly denied confirmation of the Debtors’ Third Amended Plan – a plan containing, among other things, a set of complex restructuring transactions and a settlement of treatment of Second Lien claims that was predicated on a $1.635 billion midpoint valuation, and assumed recovery ranges for different creditor classes under that valuation. In an effort to presumably fix the unfair discrimination infirmity in the Third Amended Plan identified by this Court, the Debtors filed the Modified Third Amended Plan. Under the Modified Third Amended Plan, however, recoveries for Classes 4, 5B, and 6 increase, whereas the treatment to Class 5A is adversely altered.”
Read more Breitburn bankruptcy news.
The post Breitburn Energy Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.