Secured Lenders Blast Energy Partners Ch. 11 Plan

Law360, New York (July 23, 2009, 1:52 PM EDT) -- Secured lenders Fortis Capital Corp. and BNP Paribas have objected to a proposed reorganization plan for bankrupt Energy Partners Ltd., claiming the plan does not provide adequate assurance the oil and gas producer would receive $125 million in exit financing and incorrectly indicates secured creditors would be fully repaid.

The lenders filed their objection Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas in advance of a scheduled July 29 confirmation hearing on the proposed Chapter 11 plan.

BNP Paribas' objection, which Fortis...
To view the full article, register now.