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Triangle USA Petroleum PSA Denied

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The U.S. Bankruptcy Court issued an order denying Triangle USA Petroleum (TUSA)’s motion for entry of an order authorizing the Debtors’ assumption of a plan support agreement (PSA) between the Debtors and participating noteholders and payment of certain transaction expenses in accordance with the terms of the PSA. The denial order provides no explanation.

As previously reported, “Under the plan of reorganization contemplated by the PSA, the Debtors will substantially deleverage their balance sheets by, among other things, (a) paying their existing RBL Credit Facility in full and entering into a new reserve-based credit facility upon emergence and (b) exchanging the TUSA Notes for common stock of reorganized TUSA, subject to dilution from other general unsecured claims and a management incentive plan. The PSA also contemplates a new money rights offering offered ratably to the holders of the TUSA Notes and backstopped by certain Participating Noteholders. Because reorganized TUSA’s liquidity needs will depend on various factors that cannot be forecasted at present, the amount of the New Money Rights Offering will be determined later; however, the Debtors and the Participating Noteholders preliminarily contemplate a rights offering of approximately $100 million.”

Read more TUSA bankruptcy news.

The post Triangle USA Petroleum PSA Denied appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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