Oil, Gas and Consumable Fuels
Company Overview of Linn Operating, Inc.
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.
Houston, TX 77002
Founded in 2003
Key Executives for Linn Operating, Inc.
Linn Operating, Inc. does not have any Key Executives recorded.
Linn Operating, Inc. Key Developments
Linn Energy Holdings, Linn Operating, LLC, and Linn Midstream, LLC Entered into Purchase and Sale Agreement with Bridge Energy LLC
Jun 7 17
Linn Energy Holdings, LLC, Linn Operating, LLC, and Linn Midstream, LLC, each of which is a wholly owned subsidiary of Linn Energy, Inc., entered into a purchase and sale agreement (the PSA) with Bridge Energy LLC (the Buyer). Pursuant to the terms of the PSA, the Seller agrees to sell approximately 2,000 total net developed acres located in the Brea-Olinda Field of the Los Angeles Basin, California (the Assets Sale) to the Buyer for a contract price of $100.0 million, subject to purchase price adjustments, with an additional cash payment of $7.0 million upon the satisfaction of certain operating requirements within one year. Proceeds from the Assets Sale are expected to be added as additional cash on the Company's balance sheet to be used for, among other things, funding of the Company's announced share repurchase program. The Assets Sale is expected to close no later than July 18, 2017, with an effective date of March 1, 2017. The PSA contains various representations, warranties, covenants and indemnification obligations of the Seller and the Buyer that are customary in transactions of this type. The closing is subject to satisfaction or waiver of specified conditions, including the material accuracy of the representations and warranties of the Seller and the Buyer. There can be no assurance that these closing conditions will be satisfied.
Fourth Revised Joint Reorganization Plan Approved for Berry Petroleum Company, LLC and LINN Acquisition Company, LLC
Jan 27 17
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
Jan 27 17
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.
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