Breitburn Energy Partners LP fka BBEPQ

[Congo Mining]

They can't buy the bonds from you on the open market unless you choose to sell them. Or they do have those call dates but it is obviously illogical to call them. These are unsecured bonds...basically third on the totem pole in the event of Bankruptcy in a call on the assets.

The order is as follows.

0) Company suppliers and funds due to employees.

1) Senior Secured Credit Facility.
2) Secured Bonds. In this case 600 million owned by EIG
3) Unsecured Bonds
4) Preferred Stock
5) Common Stock

Often in the case of a pre-packaged bankruptcy (restructuring) All of the bonds are converted into new equity this is also often the case in Chapter eleven BK. Common and preferred stock become almost worthless.

In CH7 all assets are put up for sale and funds are distributed according to what is owed to each party.