On May 16, 2016, Breitburn Energy Partners LP and certain of its affiliates (collectively, “Breitburn” or the “Debtors”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York.
According to the declaration of Breitburn’s Chief Financial Officer, James G. Jackson (the “Jackson Declaration”), Breitburn owns interest in approximately 705,597 acres and proven reserves of 239.3 million barrels of oil equivalent of which approximately 54% was oil, 8% was NGLS, and 38% was natural gas. Debtors operate or have working interests in approximately 11,900 operating oil and gas wells. See Jackson Declaration at 8.
Debtors’ liabilities total approximately $3 billion in funded debt obligations which include: (i) $1.25 billion pursuant to a 2014 RBL Credit Agreement with Wells Fargo Bank N.A., as administrative agent; (ii) $650 million pursuant to 2015 Senior Secured Notes with Delaware Trust Company, as successor indenture trustee; (iii) $1.155 billion pursuant to several senior unsecured notes with Wilmington Trust Company as successor indenture trustee and certain trade debt. See Jackson Declaration at 19-25.
The Debtors cases are jointly administered under the lead bankruptcy case In re Breitburn LP, et al., Case No. 16-11390.
A copy of the Jackson Declaration can be accessed here: Download Jackson Declaration.
For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney.
For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.