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Triangle Petroleum pre-packaged plan of reorganization takes effect
By Caroline Salls
Pittsburgh, June 21 – Triangle Petroleum Corp.’s pre-packaged plan of reorganization took effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.
The plan was confirmed on June 14.
As previously reported, Triangle negotiated a restructuring agreement with J.P. Morgan Securities, LLC (JPMS) under which a term loan claim held by JPMorgan Chase will be converted into an exit facility.
As holder of a Triangle Petroleum secured note, JPMS will receive 100% of the new common stock in the reorganized company.
All general unsecured claims and other secured claims will be paid in full in cash or paid in the ordinary course of business.
Holders of existing equity interests will receive no distribution.
Triangle is an energy company based in Denver. It filed for bankruptcy on May 8 under Chapter 11 case number 19-11025.
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