LINN Energy restructuring support agreement and settlement amended

By Caroline Salls

Pittsburgh, Sept. 26 – LINN Energy, LLC entered into an amendment to its restructuring support agreement that extends the deadlines for filing a Chapter 11 plan, solicitation materials and a motion for approval of the related disclosure statement, according to an 8-K filed Monday with the Securities and Exchange Commission.

Specifically, the plan documents must be filed within 149 days of LINN’s bankruptcy filing date, extended from 135 days.

In addition, the company entered into an amendment to a settlement reached with the trustee and holders of its 12% senior secured second-lien notes due 2020.

Under that amendment, an alternative settlement agreement order deadline was extended to Jan. 16 from Dec. 8, and the notes trustee, collateral trustee and settling noteholders will retain the right to file specified claims and defenses if a motion to approve the alternative settlement is not filed by Oct. 7, extended from Sept. 23.

LINN Energy, a Houston-based oil and gas company, filed for bankruptcy on May 11 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 16-60040.

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