Breitburn Energy Partners’ Third Amended Joint Chapter 11 Plan (with Technical Amendments] became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on March 26, 2018.
The Company is now known as Maverick Natural Resources and is majority-owned and controlled by funds and accounts managed by EIG Global Energy Partners. As a result of the restructuring process, Maverick Natural Resources has debt of approximately $105 million, which is substantially lower than Breitburn Energy Partners’ $2.96 billion debt balance prior to initiating the restructuring process. Maverick Natural Resources has approximately $295 million of additional borrowing capacity under a new bank credit facility. Clayton Taylor, managing director of EIG Global Energy Partners, comments, “We are pleased to close this chapter and focus on generating value for the Maverick platform. Maverick will emerge with low leverage, a simple balance sheet, and sufficient liquidity to remain adaptive to the ever-changing market conditions. Following a judicious review of the asset portfolio and cost structure, we believe Maverick is well-positioned to capitalize on cost reduction initiatives, to deploy capital to high growth prospects and to potentially build the platform through strategic acquisitions.”
Maverick Natural Resources’ board is comprised of the following individuals: Halbert S. Washburn, Maverick Natural Resources, C.E.O.; William C. Sonneborn, EIG Global Energy Partners, president; Terence Jupp, EIG Global Energy Partners, managing director/Harbour Energy, C.O.O.; Clayton Taylor, EIG Global Energy Partners, managing director; Jeff Serota, Corbel Capital Partners, vice chairman/Willow Tree Credit Partners, senior advisor. This oil and gas partnership filed for Chapter 11 protection on May 15, 2016, listing $5 billion in pre-petition assets.
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