Bruin E&P Partners plan confirmation hearing scheduled for Aug. 26

By Caroline Salls

Pittsburgh, July 20 – Bruin E&P Partners, LLC received court approval of the procedures for solicitation of its pre-packaged plan of reorganization, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The order sets Aug. 26 as the date for the combined hearing on confirmation of the plan and approval of the related disclosure statement.

As previously reported, Bruin E&P filed bankruptcy to implement a restructuring transaction that will eliminate more than $840 million of its funded debt.

Bruin said the restructuring transaction is supported by more than two-thirds of all its funded debt creditors, as well as its current equity holders. The company began to solicit votes on its pre-packaged plan of reorganization on Thursday.

Under the plan, holders of RBL claims will receive 92.5% of the new interests in the reorganized company, subject to dilution by a management incentive plan.

Other secured claims will be paid in full in cash or reinstated, or holders will receive the collateral securing the claims.

Holders of notes claims, other than notes claims against the Bruin Williston debtor, will receive 7.1% of the new interests, subject to dilution.

General unsecured claims against the debtors other than the Bruin Williston debtor will be paid in full in cash.

Holders of general unsecured claims against the Bruin Williston debtor will receive 0.4% of the new interests, subject to dilution.

Existing Bruin interests will be canceled, released and extinguished without any distribution to holders.

Bruin E&P is a Houston-based energy exploration and production company. The company filed bankruptcy on July 16 under Chapter 11 case number 20-33605.

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