May 24, 2018 1:26 AM ET

Oil, Gas and Consumable Fuels

Company Overview of BreitBurn Operating LP

Company Overview

BreitBurn Operating LP acquires, explores, and develops oil and gas properties in the United States. The company was incorporated in 2006 and is based in Los Angeles, California. BreitBurn Operating LP operates as a subsidiary of Breitburn Energy Partners LP. On May 15, 2016, BreitBurn Operating LP 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.

515 South Flower Street

Suite 4800

Los Angeles, CA 90071-2241

United States

Founded in 2006

Phone:

213-225-5900

Fax:

213-225-5917

Key Executives for BreitBurn Operating LP

Chief Financial Officer
Age: 53
Compensation as of Fiscal Year 2017.

BreitBurn Operating LP Key Developments

Eighth DIP Financing Approved for Breitburn Energy Partners LP

The US Bankruptcy Court gave an order approving the eighth amendment to DIP financing agreement for Breitburn Energy Partners LP on March 29, 2018. As per the order, scheduled maturity date has been changed from March 31, 2018 to June 30, 2018. The DIP Lenders have agreed to receive a facility fee of 1.00% per annum. All other provisions of the Final DIP order shall remain unchanged.

Third Amended Reorganization Plan Approved for Breitburn Energy Partners LP

The US Bankruptcy Court approved the third amended plan of reorganization of Breitburn Energy Partners LP on March 26, 2018. The debtor has filed its third amended plan in the Court on December 1, 2017. As per the plan, the administrative claims of $72.5 million and professional fee claims of $41 million will be paid in cash. The DIP Facility claims of $63.6 million will be paid in full in cash. The priority non-tax claims, if any in future, will be paid in full in cash. As of now no priority non-tax claims. Other secured claims of $0.7 million will be paid in full in cash. Revolving credit facility claims of $747.32 million will be paid in full in cash in an amount equal to such holder’s Pro Rata share of the Allowed Revolving Credit Facility Claims minus the original principal amount of the Exit Facility on the Effective Date of $400 million, and such holder’s Pro Rata share of the Exit Facility. Ongoing Trade claims of LegacyCo of $5.2 million will be paid in cash in full. Ongoing Trade claims of New Permian Corp. of $0.15 million will be paid in cash in full. There is no intercompany claims and no subordinated claims, and if any, they will be paid in full in cash. Intercompany interests and Existing BBEP Equity interests will be cancelled and no distribution will be paid. The 9.25% senior secured second lien notes of $949 million will receive a pro rata share of 92.5% of new common units of LegacyCo. The holders of unsecured notes claims will receive the right of purchase their pro rata share of an aggregate of 60% of the common shares issued by New Permian Corp. The New Premian Corp. will own the remaining 7.5% of the LegacyCo units. The unsecured notes claim holders elect to receive the amounts committed in the Minimum Allocation Rights and the Rights Offering. The general unsecured claims will be paid $1.5 million from cash pool and elect to receive the amounts committed in the Minimum Allocation Rights and the Rights Offering to hold New Permian Corp. Shares through the facilities of DTC. The plan will be funded from ongoing business operations, authorization, issuance, and delivery of LegacyCo Units and New Permian Corp. shares, exit facility and issuance of reorganized debtor's new common stock.

Third Amended Reorganization Plan and disclosure Statement Filed by Breitburn Energy Partners LP

Breitburn Energy Partners LP filed a third amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 1, 2017. As per the plan filed, the administrative claims of $72.5 million and professional fee claims of $41 million will be paid in cash. The DIP Facility claims of $63.6 million will be paid in full in cash. There is no change in treatment of various other claimant classes. Breitburn Energy Partners LP filed technical modifications to the third amended plan of reorganization in the US Bankruptcy Court on January 10, 2018. There is no change in treatment of claimant classes. Breitburn Energy Partners LP filed technical modifications to the third amended plan of reorganization in the US Bankruptcy Court on March 13, 2018. There is no change in treatment of claimant classes.

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
No transactions available in the past 12 months.
\
 

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
The Advertising Council, Inc. United States
Tax Management Inc United States
John F. Kennedy Center For The Performing Arts United States
NYC2012, Inc. 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 BreitBurn Operating LP, 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.