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Triangle Petroleum Makes Case For Ch. 11 Debt-Equity Swap

Law360 (June 12, 2019, 8:04 PM EDT) -- Midstream oil and gas services company Triangle Petroleum urged the Delaware bankruptcy court on Wednesday to sign off on its Chapter 11 debt-for-equity swap that would wipe more than $150 million of secured obligations from its balance sheet two years after its exploration subsidiary went through bankruptcy.

In a memo supporting its Chapter 11 plan and disclosure statement, Triangle Petroleum Corp. said all informal comments of interested parties have been resolved and there is currently no opposition to the plan. A hearing is scheduled for Friday in front of U.S. Bankruptcy Judge Mary F. Walrath to consider confirmation of the plan....

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