29 Mar 2018listing compliance notice▼ BadMajor
Breitburn Energy Partners LP suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2018listing compliance notice▼ BadMajor
Breitburn Energy Partners LP suspended its duty to file periodic reports with the SEC.
29 Mar 2018listing compliance notice▼ BadMajor
Breitburn Energy Partners LP terminated the registration of a class of securities, ending its reporting obligation for them.
28 Mar 2018bankruptcy or receivership▼ BadMajor
The court confirmed Breitburn's plan on 26 March 2018. Common and preferred units were cancelled for nothing at all; bank lenders were repaid in cash plus a $400 million exit loan, second lien noteholders took 92.5% of the surviving LegacyCo, and unsecured noteholders had to write a $465 million cheque of their own to own the Permian assets. Unitholders who funded nine years of acquisitions through repeated equity raises received no distribution, and were left with a taxable gain from the debt cancellation.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
15 Dec 2017securities registration● Neutral
Breitburn Energy Partners LP amended an already-effective registration statement.
4 Dec 2017material agreement● NeutralMajor
Creditors agreed in principle on a revised plan, amending the October restructuring agreement and the backstop that underwrites the rights offering funding the new Permian company. The bargaining was between creditor classes; unitholders were not party to it.
16 Nov 2017debt financing● Neutral
A sixth extension of the bankruptcy loan, to March 2018 - timed to the plan confirmation the company now expected.
13 Nov 2017quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $137.7 million for the period ended 2017-09-30.
16 Oct 2017material agreement● NeutralMajor
Breitburn signed a restructuring deal with holders of two thirds of both its second lien and its $1.155 billion of unsecured notes: split the company, with everything except the Permian going into a new LegacyCo owned mostly by second lien holders, and the Permian assets into a separate corporation funded by unsecured noteholders. The Permian acreage assembled from CrownRock, Element and Antares between 2012 and 2014 was the only part considered worth carving out.
30 Aug 2017debt financing▼ Bad
The bankruptcy loan was extended a third time, to the end of 2017, again for fees.
10 Aug 2017debt financing● Neutral
The court let Breitburn hedge again with affiliates of its bankruptcy lenders, giving those swaps the same senior priority as the loan itself. Restoring price protection was necessary to keep the estate's value stable, and it deepened the same lenders' first claim on it.
9 Aug 2017quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $141.1 million for the period ended 2017-06-30.
23 June 2017director interest notice● Neutral
Breitburn Energy Partners LP Senior Vice President Thomas E Thurmond sold 30,791 shares at $0.04.
8 June 2017material agreement termination▼ Bad
PCEC terminated the 2008 Omnibus Agreement outright, ending the non-compete and right-of-first-offer arrangements that had governed dealings with the California affiliate since the Provident break-up. The last formal link to Breitburn's own origins was cut while it sat in Chapter 11.
12 May 2017debt financing▼ Bad
The bankruptcy loan was extended again, to September 2017, for more fees. A year in the case with no confirmed plan.
10 May 2017quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $151.7 million for the period ended 2017-03-31.
13 Apr 2017substantial holder notice● Neutral
Akanthos Capital Management, LLC reported no remaining Breitburn Energy Partners LP shareholding in its periodic institutional filing.
18 Jan 2017substantial holder notice● Neutral
Akanthos Capital Management, LLC disclosed a new substantial Breitburn Energy Partners LP shareholding (5.22% of votes).
16 Dec 2016debt financing▼ BadMajor
Seven months into Chapter 11 the bankruptcy loan was doubled from $75 million to $150 million, its letter-of-credit sublimit raised from $50 million to $100 million, priced up with new fees to the agent and lenders, and extended to 30 June 2017. A second amendment the same day allowed ordinary-course letters of credit to be cash-collateralised.
8 Nov 2016quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $133.6 million for the period ended 2016-09-30.
3 Oct 2016director interest notice● Neutral
Breitburn Energy Partners LP director Randall Hart Breitenbach sold 11,760 shares at $0.06.
8 Aug 2016quarterly activities report● Neutral
Breitburn Energy Partners LP reported quarterly revenue of $39.4 million for the period ended 2016-06-30.
6 July 2016director interest notice● Neutral
Breitburn Energy Partners LP director Donald D Wolf sold 8,892 shares at $0.11.
23 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director Randall Hart Breitenbach sold 49,375 shares at $0.05.
23 June 2016director interest notice● Neutral
Breitburn Energy Partners LP director Gregory J Moroney sold 3,000 shares at $0.05.