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Triangle USA Petroleum Corporation

  1. March 10, 2017

    Triangle Ch. 11 Confirmed With Post-Exit Contract Option

    In a groundbreaking ruling, a Delaware judge on Friday confirmed a Chapter 11 plan giving Triangle USA Petroleum Corp. clearance to reject a pre-bankruptcy contract well after its case ends, despite protests that the decision would inspire other post-confirmation exploits.

  2. March 02, 2017

    Caliber Says Triangle USA's Plan Delays Contract Decision

    A group of midstream services firms objected Thursday to the Chapter 11 plan of bankrupt oil driller Triangle USA Petroleum Corp., saying provisions in the plan would allow the debtor to delay a decision on Caliber's midstream contracts for years after the company emerges from bankruptcy.

  3. February 23, 2017

    Triangle Creditor Objects To Ch. 11 Plan Tax, Stock Terms

    The largest creditor of bankrupt Triangle USA Petroleum LLC's holding company called for a rejection of TUSA's Chapter 11 plan late Tuesday, disputing the company's proposed liability releases, restrictions on tax allowances for cancelled stock and even its future headquarters space, among other objections.

  4. February 10, 2017

    Well Leaseholders Say Triangle USA Plan Is Ambiguous

    Holders of mineral lease rights to North Dakota wells operated by bankrupt Triangle USA Petroleum Corp. objected Friday to the company's plan, saying their treatment is not adequately described and royalty payments might not be properly escrowed.

  5. January 23, 2017

    Triangle USA Gets Court OK For $250M Exit Facility

    Bankrupt oil and gas drilling firm Triangle USA Petroleum Corp. received court approval on Monday in Delaware to enter into an agreement with JPMorgan Chase Bank NA for a $250 million exit facility to fund its operations once it exits bankruptcy.

  6. January 13, 2017

    Triangle USA Gets Nod To Take Ch. 11 Plan To Creditors

    A Delaware bankruptcy judge agreed Friday to approve Triangle USA Petroleum Corp.'s disclosure statement for its Chapter 11 plan, allowing the oil driller to solicit creditor votes on a strategy centering on unsecured creditors swapping out debt for equity in a reorganized company.

  7. January 11, 2017

    Oil Co. Triangle USA Seeks OK For $250M Ch. 11 Exit Loan

    Oil driller Triangle USA Petroleum Corp. asked the Delaware bankruptcy court late Tuesday for permission to have JPMorgan Chase Bank NA administer an exit loan anticipated at up to $250 million the debtor says will be necessary to fund operations once it emerges from Chapter 11 protection.

  8. September 12, 2016

    Triangle USA Gets Final OK On Cash Collateral Usage

    Bankrupt oil driller Triangle USA Petroleum Corp. received court approval Monday for the continued use of its lenders' cash collateral fund in its Chapter 11 case in Delaware, with added provisions for a sale should the company fail to meet reorganization deadlines.

  9. August 22, 2016

    Flint Hills Asks Court To Decide Who Gets Oil Payment

    Oil refining company Flint Hills Resources LP asked a Delaware bankruptcy court Friday to protect it from having to pay twice for oil it bought from insolvent Triangle USA Petroleum Corp., a product on which 42 mineral interest owners claim liens.

  10. August 01, 2016

    Triangle USA Judge Rejects Restructuring Agreement

    A Delaware bankruptcy judge on Monday rejected Triangle USA Petroleum Corp.'s Chapter 11 plan support agreement with its noteholders, calling it an "illusory" deal and siding with the shale driller's midstream contractors that claimed it's simply a method to reject their contracts and doesn't maximize value for the estate.