On July 16, 2020, Bruin E&P Partners, LLC and its subsidiaries (“Bruin”), Bruin’s ultimate equity sponsor and more than two-thirds of Bruin’s prepetition revolving lenders and two-thirds of Bruin’s prepetition senior note holders entered into a restructuring support agreement that will substantially deleverage Bruin’s balance sheet and provide the go-forward credit support to allow Bruin to capitalize on its attractive project backlog and achieve the company’s business plan.
On July 16, 2020, Bruin commenced a solicitation of votes pursuant to the Joint Prepackaged Chapter 11 Plan of Reorganization of Bruin E&P Partners, LLC and Its Debtor Affiliates (as may be amended, modified, or supplemented and including all exhibits or supplements, the “Plan”). The Plan may be viewed here. The accompanying Disclosure Statement for the Plan may be viewed here.
On July 17, 2020 (the "Petition Date"), Bruin E&P Partners, LLC and its subsidiaries (collectively, the "Debtors") each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, to implement the transaction contemplated in the RSA and the plan. The Debtors believe that the proposed restructuring transactions and a right sized capital structure will allow the Debtors to achieve their business plan, ultimately maximizing value for the benefit of all stakeholders.
The cases are pending before the Honorable Marvin Isgur and are being jointly administered for procedural purposes under case number 20-33605. This is the official website for the chapter 11 cases.
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