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LINN Energy Committee Sought, Statement Released

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Certain LINN Energy shareholders filed with the U.S. Bankruptcy Court separate motions for appointment of an official committee of equity security holders.

LINN Energy Shareholder Group also released the following statement: “A recent reorganization plan by Linn Energy has shareholders objecting, believing the plan undervalues shareholder equity by at least $4.7 Billion. In court documents filed with the Houston Bankruptcy Court, a group of equity holders of Linn Energy stock have asked the court to appoint an official committee to represent equity holders’ interests, and to not confirm the Plan of Reorganization. The shareholders allege that certain assets are not being revalued at current price levels, thereby severely undervaluing their equity.”

Spokesperson Douglas Moga notes, “This is the largest MLP [master limited partnership] bankruptcy in U.S. history. And the shareholders, some who are losing their retirement savings, are not being given a voice.” Moga continues, “Allowing third-party experts to determine the true value of the shareholder equity will only help legitimize the plan.”

Read more energy bankruptcy news.

The post LINN Energy Committee Sought, Statement Released appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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