The U.S. Bankruptcy Court issued an order denying confirmation of Breitburn Energy Partners’ Third Amended Joint Chapter 11 Plan.
According to documents filed with the Court, “The Court conducted a four-day evidentiary hearing largely focused on the Debtors’ valuation. The credible valuation evidence demonstrated that the Debtor is hopelessly insolvent and Equity is out of the money. However, based on the valuation of the Debtors’ assets as found by the Court, the Court concludes that the Debtors have failed to sustain their burden of proving that the Plan does not unfairly discriminate against Class 5B. Accordingly, the application to confirm the Plan is denied.”
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