Breitburn's Ch. 11 Stay Lifted For Royalty Interest Ruling
Law360, New York (April 14, 2017, 7:30 PM EDT) -- A New York bankruptcy judge partially lifted Breitburn Energy Partners LP’s Chapter 11 automatic stay, ruling Friday that a Texas court should determine whether a holder of oil and gas royalty interests in proceeds earned by Breitburn subsidiaries has a property right or an unsecured contract claim.
Pointing to an unclear area of Texas law, U.S. Bankruptcy Judge Stuart M. Bernstein partially granted a motion to lift Breitburn’s Chapter 11 litigation shield to allow a Texas court to rule on pending claims between affiliated debtors and LL&E Royalty Trust, which alleges that subsidiaries QRE Operating LLC and QR Energy LP breached...
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