LINN enters into settlement agreement with certain senior secured second lien noteholders

LINN Energy LLC (NASDAQ: LINE) has entered into a settlement agreement with certain holders of the company’s $1 billion of outstanding 12% senior secured second lien notes due 2020, which collectively hold more than two-thirds of the outstanding principal amount of the second lien notes.

Under the terms of the settlement agreement, LINN delivered the mortgages associated with the second lien notes and is no longer in default under the indenture governing these notes.

The settlement agreement provides that LINN and the second lien note holders will begin good faith negotiations with each other regarding the terms of a potential comprehensive and consensual restructuring of the company’s indebtedness, including a potential restructuring under a Chapter 11 plan of reorganization. LINN expects to continue operations throughout this process. The settlement agreement has been filed on Form 8-K with the US Securities and Exchange Commission. 



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...