Tristream Creditors Sue Over Rejection Of Midstream Deals

Law360, New York (October 18, 2016, 6:13 PM EDT) -- A committee representing unsecured creditors of Tristream East Texas LLC, a company that processes oil and natural gas, filed a lawsuit Tuesday in Texas arguing the business cannot reject contracts with other midstream service providers under U.S. bankruptcy law, an unsettled legal issue that has major financial implications for the industry.

The lawsuit, filed by Tristream’s official committee of unsecured creditors, challenges whether the company is permitted in Chapter 11 bankruptcy to get out of contracts with oil and natural gas producer Vanguard Natural Resources and Targa...
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