Oil & Gas Driller Bruin Hits Ch. 11 With $840M Debt Swap Plan

Law360 (July 17, 2020, 4:02 PM EDT) -- Bruin E&P Partners LLC on Friday became the latest oil and gas driller to seek Chapter 11 refuge from swings in the energy market, filing a prepackaged plan to swap $840 million in debt for equity with a Texas bankruptcy judge.

In its bankruptcy filing, Houston-based Bruin said it began working on an out-of-court deleveraging of its $1.1 billion in debt last year, but a "drastic and unprecedented" downturn in oil prices and a reduction in its lending base sent it looking for protection in Chapter 11.

"The debtors were able to successfully run their business during the last several years...

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