Put our Chapter 11 expertise & analysis to work for you with BankruptcyData's Plan Summary of Breitburn Energy Partners' U.S. Bankruptcy Court-confirmed and now effective Third Amended Joint Chapter 11 Plan of Reorganization.
We filter down all of the information to produce a detailed yet easy-to-digest Plan Summary report. This concise synopsis offers a reliable overview of the entire bankruptcy reorganization process without bogging you down with hundreds of pages of "legalese."
Breitburn Energy Partners' Plan Summary explains, "The Plan encompasses a comprehensive restructuring of the Debtors, that is the product of the Debtors' arms-length negotiations and an agreement with holders of claims under the Third Amended and Restated Credit Agreement dated November 19, 2014, certain holders of the Debtors' 9.25% Senior Secured Second Lien Notes due 2020, certain holders of the Debtors' 7.875% Senior Notes due 2022 and 8.625% Senior Notes due 2020 and the Official Committee of Unsecured Creditors. The Plan is premised on the division of the Debtors' existing businesses and assets into two separate entities upon the occurrence of the Effective Date under the Plan: a newly-formed limited liability company ('LegacyCo') that will own all of the Debtors' assets other than certain assets related to the Permian Basin; and a newly-formed corporation ('New Permian Corp.') that will acquire all of the equity of a newly-formed limited liability company ('New Permian LLC') that will own the Permian Assets. New Permian Corp. will also own 7.5% of the equity of LegacyCo."