Judge Rejects Breitburn Ch. 11 Plan But Gives Path Forward

Law360 (March 12, 2018, 8:04 PM EDT) -- Breitburn Energy Partners LP moved closer to exiting bankruptcy on Monday following a recent stumble, after the debtor pledged to quickly correct a hard-fought Chapter 11 plan that was narrowly shot down by a New York bankruptcy court just days before.

U.S. Bankruptcy Judge Stuart M. Bernstein took the rare step of denying Breitburn’s plan in an order filed Friday, saying it treats one subclass of unsecured bondholders unfairly relative to the oil and gas producer’s other creditors.

Judge Bernstein’s decision is a setback for the...
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