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LINN Energy RSA Amended

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According to documents filed with the SEC, LINN Energy entered into a first amended and restated restructuring support agreement (RSA) with (i) certain holders of the Company’s 12% Senior Secured Second Lien Notes due December 2020 and (ii) certain holders of the Company’s unsecured notes.

The amended and restated RSA sets forth, subject to certain conditions, the commitment of the LINN Debtors and consenting creditors to support a comprehensive restructuring of the LINN Debtors’ long-term debt. The majority of the terms of the amended and restated RSA are substantially identical to those set forth in the original RSA. The amended and restated RSA includes limited changes to the treatment of claims under the LINN Energy credit agreement, including that such claims will be allowed as fully secured claims under the Plan and will not be subject to off-set, avoidance, re-characterization, recoupment or subordination.

Further, the amended and restated RSA provides that holders of claims under the LINN Energy credit agreement will receive, as part of the Plan, (i) a cash paydown equal to the sum of (a) $500 million from cash equity contributions at the closing of the take-back debt facility, plus (b) other amounts from LINN’s cash on hand (net of Chapter 11 and transaction expenses) consistent with the Plan and subject to anti-cash hoarding provisions in the take-back debt facility, and (ii) a take-back debt facility on the terms and conditions set forth in the amended and restated RSA.

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