May 29, 2017 8:23 AM ET

Oil, Gas and Consumable Fuels

Company Overview of QRE Operating, LLC

Company Overview

QRE Operating, LLC acquires, explores, and develops onshore crude oil and natural gas properties in the United States. The company was incorporated in 2010 and is based in Houston, Texas. QRE Operating, LLC operates as a subsidiary of Breitburn Energy Partners LP. On May 15, 2016, QRE Operating, LLC filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York. It is in joint administration with Breitburn Energy Partners LP.

1401 McKinney Street

5 Houston Center

Suite 2400

Houston, TX 77010

United States

Founded in 2010

Phone:

713-452-2200

Fax:

713-452-2202

Key Executives for QRE Operating, LLC

QRE Operating, LLC does not have any Key Executives recorded.

QRE Operating, LLC Key Developments

First Amended DIP Financing Approved for Breitburn Energy Partners LP

The US Bankruptcy Court gave an order approving the first amendment to DIP financing agreement for Breitburn Energy Partners LP on December 13, 2016. As per the order, applicable margin on the interest has been changed. For LIBOR loan, maximum margin can be 6.50% for the usage of more than 75% of loan prior to April 1, 2017 and 7% after April 1, 2017. For Base Rate loan, maximum margin can be 5.50% for the usage of more than 75% of loan prior to April 1, 2017 and 6% after April 1, 2017. Scheduled maturity date has been changed to June 30, 2017.

Motion for Asset Sale Approved for Breitburn Energy Partners LP

The US Bankruptcy Court approved the sale certain de minimis assets of Breitburn Energy Partners LP on October 27, 2016. As per the order, debtor has been authorized to sell certain de minimis assets of up to $1 million without further Court approval. The debtor will have to provide notice of the sale to the interests parties. Any objection to the sale can be filed within 15 days of the sale notice. If no objection is timely filed and served then the sale will be considered as final and authorized by the Court. The aggregate gross proceeds from all De Minimis Asset Transactions shall not exceed $20 million, subject to increase upon prior written approval of counsel to the Creditors’ Committee or further order of the Court.

Motion for Asset Sale Filed by Breitburn Energy Partners LP

Breitburn Energy Partners LP filed a motion in the US Bankruptcy Court seeking approval for the sale of certain de minimis assets on September 27, 2016. As per the motion, debtor seeks to sell certain de minimis assets with the sale price of up to $1 million without further Court approval and without providing notice of the De Minimis Asset Transaction to any party other than to Winston & Strawn LLP, as counsel to Wells Fargo, administrative agent under DIP agreement, Kirkland & Ellis LLP, as counsel to the holders of the Debtors’ 9.25% Senior Secured Second Lien Notes due 2020, counsel to the Creditors’ Committee and the Office of the United States Trustee. The parties receiving a Transaction Notice shall have 15 days to file and serve any objections to the sale. If no objection is timely filed and served then the sale will be considered as final and authorized by the Court.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
July 27, 2016
QRE Operating, LLC, Rights, Tile, and Interests in Oil and Gas Lease
 

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