Breitburn Energy files for bankruptcy

Breitburn Energy Partners LP, Los Angeles, filed voluntary petitions on May 16 for Chapter 11 in the US Bankruptcy Court for the Southern District of New York. The firm reported debt of $3.4 billion as of Mar. 31.

The firm says cash from operations, cash on hand, and a $75-million debtor-in-possession (DIP) financing facility will provide it “more than adequate liquidity to fund its operations during the restructuring process.”

Breitburn’s DIP financing facility lenders have offered to arrange an additional $75 million of DIP financing at the firm’s request. The Chapter 11 cases will facilitate the restructuring of Breitburn’s balance sheet.

Breitburn is a master limited partnership with producing and nonproducing crude oil and natural gas reserves in Ark-La-Tex, the Midwest, the Permian basin, the Midcontinent, the Rockies, the Southeast, and California.

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 ...