Discussions Will Continue with Secured and Unsecured Creditors Regarding Terms of Expedited Balance Sheet Restructuring
Operations to Continue as Usual During Restructuring Process
During the last 30 days, Breitburn has been engaged in constructive discussions with its second lien noteholders and the advisors to its unsecured noteholders regarding the need for, sponsorship of, and terms of a balance sheet restructuring. Simultaneously, Breitburn has been engaged in constructive discussions with its revolving lenders regarding their support for emergence financing, as well as the treatment of Breitburn's valuable hedging assets in conjunction with its emergence from the Chapter 11 Cases. Breitburn plans to utilize the Chapter 11 Cases to continue and complete these discussions with key stakeholders and evaluate other value-maximizing opportunities to facilitate an expedited balance sheet restructuring that will leave Breitburn as a stronger, deleveraged, and recapitalized enterprise.
Breitburn has filed a variety of "first-day" motions with the court seeking, among other things, authority to maintain its existing cash management system, approval of the DIP Financing Facility, authority to make payments to royalty interest holders and with respect to its lease operating expenses, drilling and production costs, and other related operating costs, and other customary relief. When granted, such motions will assure Breitburn's ability to maintain business-as-usual operations throughout the restructuring process.
Additional information, including court filings, regarding Breitburn's restructuring is available at https://cases.primeclerk.com/breitburn or by contacting Breitburn's proposed notice and claims agent at 855-851-7887 (for toll-free domestic calls) and 917-258-6103 (for tolled international calls) or by email at firstname.lastname@example.org.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements that relate to
future results and events that are not facts and constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on Breitburn's current expectations, estimates and assumptions
and, as such, involve certain risks and uncertainties. The ability of
Breitburn to predict results or the actual effects of its plans and
strategies is subject to inherent uncertainty. Actual results and events
in future periods may differ materially from those expressed or implied
by these forward-looking statements because of a number of risks,
uncertainties and other factors. All statements other than statements of
historical fact, including statements containing the words "intends,"
"believes," "expects," "will," and similar expressions, are statements
that could be deemed to be forward-looking statements. In addition, the
forward-looking statements represent Breitburn's views as of the date as
of which they were made. Breitburn anticipates that subsequent events
and developments may cause its views to change. However, although
Breitburn may elect to update these forward-looking statements at some
point in the future, it specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing Breitburn's views as of any date subsequent to the date
hereof. Additional factors that may cause results to differ materially
from those described in the forward-looking statements are set forth in
Breitburn's Annual Report on Form 10-K for the fiscal year ended
Vice President, Investor Relations & Government Affairs
Investor Relations Manager
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