Breitburn Earns Court Approval Of Amended Ch. 11 Plan

Law360, New York (March 23, 2018, 8:10 PM EDT) -- Breitburn Energy Partners LP on Friday overcame a final hurdle in its lengthy quest to reorganize in bankruptcy, receiving court approval of a modified Chapter 11 plan after bumping up the levels of recovery for retail bondholders and other unsecured creditors.

Just two weeks after rejecting Breitburn’s proposed debt restructuring scheme, U.S. Bankruptcy Judge Stuart M. Bernstein in New York said the company had resolved specific issues regarding disparate treatment between accredited and unaccredited bondholders who should share the same place in line in terms of creditor priority.

The oil and gas producer acted quickly to amend its restructuring plan after...

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