May 26, 2017 8:52 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Linn Operating, Inc.

Company Overview

Linn Operating, Inc. develops and explores oil and gas reserves. It engages in drilling, production, engineering, land, and geology operations. The company was founded in 2003 and is based in Houston, Texas. Linn Operating, Inc. operates as a subsidiary of Linn Energy, LLC.

600 Travis

Suite 5100

Houston, TX 77002

United States

Founded in 2003

Phone:

281-840-4344

Fax:

281-657-4938

Key Executives for Linn Operating, Inc.

Linn Operating, Inc. does not have any Key Executives recorded.

Linn Operating, Inc. Key Developments

Fourth Revised Joint Reorganization Plan Approved for Berry Petroleum Company, LLC and LINN Acquisition Company, LLC

The US Bankruptcy Court approved the fourth revised joint amended reorganization plan of Berry Petroleum Company, LLC and LINN Acquisition Company, LLC on January 27, 2017. As per the plan, Berry Lender Claims shall receive either, if holder vote to accept the plan and elect to participate in the Berry Exit Facility or if voted against the plan then holder will get pro-rata share of Reorganized Berry Non-Conforming Term Notes. Berry Unsecured Notes Claims shall receive pro-rata share of Reorganized Berry Common Stock / Noteholder Distribution and to the extend aggregate amount of claim is less than $183 million, its pro-rata share of Reorganized Berry Common Stock. Berry General Unsecured Claims shall receive pro-rata share of Reorganized Berry Common Stock / General Distribution. Berry Intercompany Claims shall be canceled and released without any distribution. Berry Petroleum Company, LLC and LINN Acquisition Company, LLC filed revised amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 14, 2016. As per the revised plan, Allowed Other Berry Secured Claims has been estimated at $5.4 million with a recovery of 100%. Berry Lender Claims are estimated at $891.3 million and will get chance to participate in the Berry Exit Facility and will get Berry Lender Paydown, which will be funded through Rights Offering. Allowed Berry Unsecured Notes Claims has been estimated at $849 million with a recovery in the range of 47% to 52%. Allowed Berry General Unsecured Claims are estimated in the range of $109 million to $165 million and will get a recovery in the range of 21% to 46%. Berry Rights Offerings contemplate two separate rights offerings totaling $300 million, consisting of a $60 million first tranche Rights offering and $240 million second tranche Rights Offering for Reorganized Berry Preferred Stock. Berry unsecured note claims will have an estimated recovery in the range of 43% to 50%. Berry unsecured claims will have an estimated recovery of 21% to 46%. The plan will be funded from Berry reserve revolving loan facility of $550 million along with other Exit facility.

Fourth Revised Joint Reorganization Plan Approved for Linn Energy, LLC

The US Bankruptcy Court approved the fourth revised joint amended reorganization plan of Linn Energy, LLC on January 27, 2017. The debtor has filed its amended plan in the Court on January 25, 2017. As per the plan, Allowed General Administrative Claim, Professional Fee Claims, Allowed Priority Tax Claims and Statutory Fees will be paid full in cash. Other LINN Secured Claims of $2.5 million and LINN Lender Claims of $1939 million and will get a recovery of 100%. LINN Unsecured Notes Claims of $3110 million and LINN Second Lien Notes Claims of $2057 million and will get a recovery of 17%. LINN General Unsecured Claims has been estimated in the range of $95 million to $145 million and will get a recovery of 33%. LINN Unsecured Notes Claim will consist of $580.10 million of 6.5% senior notes due May 2019, $600.58 million of 6.25% senior notes, $754.06 million of LINN 2020 Unsecured Notes, $788.87 million of 7.75% senior notes and $385.28 million of 6.5% senior notes due September 2021. Holders of Allowed LINN Convenience Class Claims and Holders of Allowed LINN General Unsecured Claims who elect to reduce their claim to an undefined amount will receive full recovery from a cash pool of $2.30 million. The holders who do not elect the same will receive pro rata share of $37.50 million in cash. LINN Intercompany Settled Claims has been estimated at $25 million and will get a recovery of 33%. The plan will be funded from cash in hand, rights offering and LINN Exit facility of $1.7 billion.

Fourth Revised Joint Amended Reorganization Plan Filed by Linn Energy, LLC

Linn Energy, LLC filed fourth revised joint amended reorganization plan in the US Bankruptcy Court on January 25, 2017. As per the amended plan, treatment of all the claim classes shall remain same as per previous plan.

Similar Private Companies By Industry

Company Name Region
102 Oil Wells in East Texas Field United States
11 Good Energy, Inc. United States
1280 Horizons, LLC United States
1347 Energy Holdings LLC United States
15 Fields in Williston Basin United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 2, 2017
27,500 Total Net Acres Including 16,000 Net Acres in the Jonah and Pinedale Anticline Fields
 

The information and data displayed in this profile are created and managed by S&P Global Market Intelligence, a division of S&P Global. Bloomberg.com does not create or control the content. For inquiries, please contact S&P Global Market Intelligence directly by clicking here.

Stock Quotes

Market data is delayed at least 15 minutes.

Company Lookup

Most Searched Private Companies

Company Name Geographic Region
Lawyers Committee for Civil Rights Under Law United States
NYC2012, Inc. United States
Bertelsmann AG Europe
The Advertising Council, Inc. United States
Rush University United States

Sponsored Financial Commentaries

Sponsored Links

Request Profile Update

Only a company representative may request an update for the company profile. Documentation will be required.

To contact Linn Operating, Inc., please visit --. Company data is provided by S&P Global Market Intelligence. Please use this form to report any data issues.

Please enter your information in the following field(s):
Update Needed*

All data changes require verification from public sources. Please include the correct value or values and a source where we can verify.

Your requested update has been submitted

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.