On May 15, 2016, Breitburn Energy Partners LP and certain of its affiliates voluntarily filed petitions for relief under Chapter 11 of the U.S. Bankruptcy Code to facilitate the restructuring of its balance sheet.
Breitburn expects to continue its operations without interruption, and cash from its operations, cash on hand, and a $75 million debtor-in-possession financing facility (DIP Financing Facility) will provide Breitburn with 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 Breitburn’s request.
Hal Washburn, Chief Executive Officer, said, “During the restructuring process, we will continue managing our business and operating our assets as we do today. Cash from our operations, cash on hand, and cash available under the DIP Financing Facility will provide us with more than sufficient funds to operate our business during the restructuring process. We look forward to working with our service providers, suppliers, vendors, customers, and partners to ensure that Breitburn emerges from the restructuring process a stronger company.”
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