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and bleeding red.
BBPPQ~~will have a run here,MM'S lined up to go..L2 looks great
Hey what’s with the dumping of glf# ? Is it the 10-k no revenue. None of it makes sense, seems like more than a little pull back
BBPPQ~~very bottom here http://www.stockta.com/cgi-bin/analysis.pl?symb=BBPPQ&cobrand=&mode=stock
The Common Units are currently quoted on the OTC Pink Market operated by the OTC Markets Group. Following the filing of the Form 15, the Common Units may continue to be quoted on the OTC Pink Market for a limited period, contingent upon, among other things, market makers’ demonstrating continued interes
The Common Units are currently quoted on the OTC Pink Market operated by the OTC Markets Group. Following the filing of the Form 15, the Common Units may continue to be quoted on the OTC Pink Market for a limited period, contingent upon, among other things, market makers’ demonstrating continued interes
good to see you here,where you been for a month?
Common and Preferred Shares Canceled.....The Partnership’s common and preferred unitholders will receive no distribution or consideration under the Plan on account of their equity interests, and all such units will be canceled on the Plan Effective Date. Nevertheless, the Debtors will incur a substantial amount of cancellation of debt and other income upon implementation of the Plan that will be allocable to the unitholders for income tax purposes. The Debtors have attempted to structure the Plan and the transactions related to its implementation so as to mitigate the impact of such cancellation of debt and other income. However, there is still a significant risk that unitholders could recognize a substantial amount of unsheltered income upon implementation of the Plan depending, in part, on whether certain actions are taken by certain creditors beyond the Debtors’ control on or before the Plan Effective Date, or certain facts exist as to which the Debtors may be unaware with respect to related party ownership of equity of the Partnership by certain creditors on or before the Plan Effective Date.
I am new to this. Can you explain a bit why this 8K will push the price up? Thank you!
BBPPQ~~the run is here http://stockcharts.com/h-sc/ui?s=bbppq&p=D&yr=0&mn=6&dy=0&id=p46634481126
BBPPQ~~HUGE OVERSOLD and BOOM here http://stockcharts.com/h-sc/ui?s=bbppq&p=D&yr=0&mn=6&dy=0&id=p06455731712
BBPPQ~~call for .50+++ with the 8k newssss
BBPPQ~~500+++ will go ,8k looks good
BBPPQ~~read closely A U.S. bankruptcy judge on Friday rejected BBEP’s plan to split into two separate creditor-owned companies,
,,Breitburn Energy reaches bankruptcy exit deal with holdout creditors
Mar. 12, 2018 5:21 PM ET|About: Breitburn Energy Partners LP (BBEPQ)|By: Carl Surran, SA News Editor
Breitburn Energy (OTCPK:BBEPQ) reportedly has reached an agreement with holdout creditors over its bankruptcy exit plan and hopes to win court confirmation as soon as this month for a reorganization under new ownership.
A U.S. bankruptcy judge on Friday rejected BBEP’s plan to split into two separate creditor-owned companies, saying certain terms discriminated against retail bondholders, who had voted against the plan.
A BBEP lawyer says individual bondholders will be offered the same cash recovery as institutional bondholders, addressing the judge's concerns; the deal will cost BBEP “a couple million dollars,” a small amount considering that the $3B bankruptcy has lingered in court for two years.
https://seekingalpha.com/news/3338526-breitburn-energy-reaches-bankruptcy-exit-deal-holdout-creditors
and today. .3/28/2018 in the 8K says
Item 1.03 Bankruptcy or Receivership.
As previously reported, on May 15, 2016, Breitburn Energy Partners LP (the “ Partnership ”) and certain of its affiliates (such affiliates, together with the Partnership, the “ Debtors ”) filed voluntary petitions for relief (and the cases commenced thereby, the “ Chapter 11 Cases ”) under chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “ Bankruptcy Court ”). The Chapter 11 Cases are being administered jointly under the caption In re Breitburn Energy Partners LP, et al., Case No. 16-11390.
On October 11, 2017, the Debtors’ Joint Chapter 11 Plan (the “ Initial Plan ”) and related disclosure statement (the “ Disclosure Statement ”) were each filed with the Bankruptcy Court, and subsequently amended on November 28, 2017 and December 1, 2017.
On March 13, 2018 the Debtors filed the Debtors’ Third Amended Joint Chapter 11 Plan (With Technical Modifications) (the “ Plan ”), which superseded the Initial Plan in all respects.
On March 26, 2018, the Bankruptcy Court entered an order (the “ Confirmation Order ”) confirming the Plan. The following is a summary of the material terms of the Plan. This summary highlights only certain substantive provisions of the Plan and is not intended to be a complete description of the Plan. This summary is qualified in its entirety by reference to the full text of the Plan and the Confirmation Order. The Confirmation Order (with the Plan annexed thereto as Exhibit A) is attached hereto as Exhibit 2.1 , and incorporated by reference herein. Capitalized terms used but not defined in this Current Report on Form 8-K have the meanings set forth in the Plan.
The Plan is premised on the division of the Debtors’ assets and existing businesses into two separate entities upon the occurrence of the effective date of the Plan (the “ Plan Effective Date ”): (1) a newly-formed limited liability company (“ LegacyCo ”) that will own all of the Debtors’ assets other than certain assets located in the Permian Basin (such assets, the “ Permian Assets ”); and (2) a newly-formed corporation (“ New Permian Corp. ”) that will acquire all of the equity of a newly-formed limited liability company that will own the Permian Assets. New Permian Corp. will also own 7.5% of the equity of LegacyCo. Certain principal terms of the Plan are outlined below:
•
Lenders (the “ RBL Lenders ”) under the Debtor’s prepetition revolving credit facility holding allowed claims in the aggregate amount of $747,316,435.62 (the “ RBL Claims ”) will receive a pro rata share of (a) cash in an amount equal to the RBL Claims, minus $400 million and (b) participation in an amended and restated term loan facility in the principal amount of $400 million (the “ Exit Facility ”). Each RBL Lender will also have the right to convert its entire portion of the Exit Facility to an equal amount of a revolving credit facility.
•
Holders of the Second Lien Notes with allowed claims solely for purposes of the Plan in the aggregate amount of $793 million, plus accrued unpaid pre- and post-petition default interest on all outstanding obligations, costs, fees, indemnities, and all other obligations payable under the Second Lien Notes, will receive a pro rata share of 92.5% of the equity of LegacyCo, subject to potential dilution.
•
Holders of Senior Unsecured Notes that are “eligible offerees” received the right to purchase their pro rata share of an aggregate of 60% of the shares to be issued by New Permian Corp. (the “ New Permian Corp. Shares ”), subject to certain dilution, pursuant to a $465 million rights offering (the “ Rights Offering ”) which will be implemented under the Plan. All holders of Senior Unsecured Notes that are “eligible offerees” that did not elect to participate in the Rights Offering will receive no distribution.
•
Pursuant to the Backstop Commitment Agreement entered into between the Debtors, the Consenting Second Lien Creditors and certain holders of the Partnership’s Senior Unsecured Notes (the “ BCA ”), the members of the Ad Hoc Senior Notes Groups have committed to (a) exercise rights (the “ Minimum Allocation Rights ”) to purchase the remaining 40% of New Permian Corp. Shares for an aggregate amount of $310 million payable in cash, subject to certain dilution, and (b) backstop the Rights Offering.
1
•
Both (a) the members of the Ad Hoc Senior Notes Groups, and (b) all other holders of Senior Unsecured Notes that were “eligible offerees” as of November 27, 2017 that irrevocably elected to participate in the Rights Offering as of December 13, 2017, will receive on the Plan Effective Date their pro rata share (based on the respective backstop commitment amounts of the members of the Ad Hoc Senior Notes Groups and the respective subscription amounts as to the rights exercised by “eligible offerees” as of December 13, 2017) of 10% of the New Permian Corp. Shares, which will dilute the New Permian Corp. Shares issued pursuant to the Rights Offering and pursuant to the Minimum Allocation Rights.
•
Holders of Senior Unsecured Notes that are not “eligible offerees” will receive, through a trust, (i) New Permian Corp. Shares having a value equal to 4.5% of their claims and (ii) cash in the amount of 7.44% of their claims. Notwithstanding the foregoing, any such holder that elected to receive cash instead of New Permian Corp. Shares shall receive cash in the amount of 11.94% of its claim; provided that the aggregate amount of the value of the New Permian Corp. Shares and cash distributed to such holders shall not exceed $5,442,265. To the extent that the New Permian Corp. Shares and cash that would otherwise be issued to such holders exceeds $5,442,265, the distribution of such New Permian Corp. Shares and cash each will be reduced ratably to eliminate such excess. As of the date of the Confirmation Order, the aggregate amount of the value of New Permian Corp. Shares and cash to be issued to the holders of Senior Unsecured Notes that are not “eligible offerees” does not exceed $5,442,265, and thus distributions to be made to such holders will not be so ratably reduced.
•
Holders of allowed general unsecured claims will receive their pro rata share of $2.57 million. However, holders of allowed general unsecured claims equal to or exceeding $1 million that are able to hold New Permian Corp. Shares through DTC and who elected on their Ballots to receive New Permian Corp. Shares instead of cash, shall receive (i) New Permian Corp. Shares having a value equal to 4.5% of their allowed claims, and (ii) cash in the amount of 7.44% of their allowed claims; provided that the aggregate amount of New Permian Corp. Shares distributed to such holders shall not exceed a value equal to $817,240, and to the extent that the New Permian Corp. Shares that would otherwise be issued to such holders exceeds $817,240, the distribution of such shares will be reduced ratably to eliminate such excess. As of the date of the Confirmation Order, the aggregate amount of the value of New Permian Corp. Shares to be issued to holders of allowed general unsecured claims exceeding $1 million does not exceed $817,240, and thus distributions to be made to such holders will not be so ratably reduced.
•
Holders of allowed general unsecured claims held by claimants that will provide goods and services necessary to the operation of LegacyCo or New Permian Corp. or that will benefit their assets, and will continue to do business with LegacyCo or New Permian Corp., will be paid in full in cash.
•
The Partnership’s common and preferred unitholders will receive no distribution or consideration under the Plan on account of their equity interests, and all such units will be canceled on the Plan Effective Date. Nevertheless, the Debtors will incur a substantial amount of cancellation of debt and other income upon implementation of the Plan that will be allocable to the unitholders for income tax purposes. The Debtors have attempted to structure the Plan and the transactions related to its implementation so as to mitigate the impact of such cancellation of debt and other income. However, there is still a significant risk that unitholders could recognize a substantial amount of unsheltered income upon implementation of the Plan depending, in part, on whether certain actions are taken by certain creditors beyond the Debtors’ control on or before the Plan Effective Date, or certain facts exist as to which the Debtors may be unaware with respect to related party ownership of equity of the Partnership by certain creditors on or before the Plan Effective Date.
Accordingly, upon consummation and implementation of the Plan, 92.5% of the equity of LegacyCo (the owner of the Reorganized Debtors’ assets other than the Permian Assets) will be distributed to the holders of the Second Lien Notes, subject to dilution by any management incentive plan adopted by LegacyCo’s board of directors.
2
In addition, as stated above, the Permian Assets will be owned by New Permian Corp., which will also own 7.5% of the equity of LegacyCo, which LegacyCo equity is subject to dilution by any management incentive plan adopted by LegacyCo’s board of directors. As set forth above, on the Plan Effective Date, all of the Partnership’s common and preferred units will be cancelled and the holders thereof will receive no distribution or consideration with respect to such units.
Information regarding the assets and liabilities of the Partnership and the amount of equity of the Partnership issued and outstanding is contained in the Disclosure Statement.
Item 8.01. Other Events.
The Partnership intends to file a Form 15 with the U.S. Securities and Exchange Commission (the “ SEC ”) to terminate the registration of its common units representing limited partnership interests of the Partnership (the “ Common Units ”) and to suspend its duty to file reports under the Securities Exchange Act of 1934, as amended. After filing the Form 15, the Partnership does not expect to make further filings of reports with the SEC, such as Form 8-K, Form 10-Q and Form 10-K. Court filings and other information related to the Chapter 11 Cases are available at a website administered by the Partnership’s Voting Agent at https://cases.primeclerk.com/Breitburn/.
The Common Units are currently quoted on the OTC Pink Market operated by the OTC Markets Group. Following the filing of the Form 15, the Common Units may continue to be quoted on the OTC Pink Market for a limited period, contingent upon, among other things, market makers’ demonstrating continued interest. However, there is no assurance that trading in the Common Units will continue on the OTC Pink Market or any other medium.
Cautionary Note Regarding Forward-Looking Statements
The information in this report contains forward-looking statements relating to the Partnership’s operations that are based on management’s current expectations, estimates and projections about its operations. Words and phrases such as “believes,” “expect,” “future,” “impact,” “will be,” “forecast” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. These include risks relating to the Partnership’s financial performance and results; the restructuring process; changes in our business strategy; our future levels of indebtedness and liquidity; prices and demand for natural gas and oil; increases in operating costs; uncertainties inherent in estimating our reserves and production; our ability to replace reserves and efficiently develop our current reserves; political and regulatory developments relating to taxes, derivatives and our oil and gas operations; and the factors set forth under the heading “Risk Factors” incorporated by reference from our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
Description
2.1
Order of the Bankruptcy Court, dated March 26, 2018, confirming the Debtors’ Third Amended Joint Chapter 11 Plan (With Technical Modifications), including the Plan annexed thereto as Exhibit A.
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BREITBURN ENERGY PARTNERS LP
By:
BREITBURN GP LLC,
its general partner
Date: March 28, 2018
By:
/s/ Halbert S. Washburn
Halbert S. Washburn
Chief Executive Officer
Vert screwed if he’s short
VERT short, gonna break $2 shortly.
Wake up peeps...Oil is almost $64.... That means the value of Breitburn is continuously growing!
As oil continues to soar...previous valuation should be tossed out door.
At the last hearing, the Judge began by asking the crowd of lawyers: What is the price of oil today gentlemen?
Court hearing tomorrow, what's expected.
Well the usual shake out after a big run . Between the flippers and profit takers it took a fall. With news on the horizon of wether shareholders survive or not the can either make a mother of all runs . Or it can make the fall of all falls. I still believe that the judge is going to tell both parties to sit down and come up with a fair deal . Let’s see what happens in the. Mean time in holding all the way threw . I don’t want to be left out if this turns out to be monster mover
I agree also buddy .
I couldn't agree more.... and then just wait until the judge's ruling is made... this will be a 5-10 bagger for sure!!
Will run you ask I ask how far will it run. Wouldn’t be surprised to see another 150-200% today . Then tomorrow your gonna see some serious gains .
Could be sooner the way this is trading . It’s so strong that any walls were taken down with ease . I’m holding all the way to recovery . Look how easy it moves on light volume . I expect we start to see some million volume days going forward .
BEAST!!! BBPPQ!!!
Buyers are probably those that are following the Court proceedings.
Wonder who keeps buying up all these shares , doesn’t seem like retail to me, hardly anyone talking about this stock, added .20s and .30s insane ROI
You do realize that the Hedges have already been paid which lowers the obligated debt in the filings(which haven't changed in almost 2 years). The magic number is $3.3Bil, and anything over just keeps dumping gravy on top.
If shares are going to be wiped out as so many have stated . Then why sit around on a board of a crappy stock. Unless your trying to get cheap shares or your shorting . There is no reason to be on a board constantly Reminding everyone that shares are being canceled . Also I’d like to point out that the majority of bk tickers do in fact get canceled . How ever there is always the chance that they don’t . I have seen many cases we’re shareholders especially preferred share holders receive either a settlement or shares in the new company . One thing is for sure and that’s no one and I mean no one except the judge can say if they will or won’t until it happens . So for all the back and forth opinions on this and that . In the end until the Judge signs off on a POR . It can happen that current shares survive . I will say for this situation is the judge really is in favor of making a decision that will allow equity to be part of the plan. There is either no meat on the bone or there is and this company sure does have the ability to make investors whole. My opinion but usually when I see a judge and EC have a legitimate issue with debtors . The out come can be positive for shares to receive something . It’s a high risk trade but one that can be very prosperous. Just look at some passed tickers who in some cases she’s were likely being cancelled yet the ticker still ran 1 to 2 thousand % . I know it’s strange but just look at some of the recent bk tickers and you’ll see for yourself . I have a feeling we may come out of this green in the end but that’s just my opinion. Glta
BBPPQ, shares will be Wiped OUT any time now without further notice, like all other BK stocks did !
Whoops BBPPQ!!! My badd!!!
NICE CALL YOU LOSE AGAIN
"Judge - IM HAVING A PROBLEM WITH THE DEBTORS VALUATION NEVER CHANGING WITH OIL RISING SINCE I APPROVED THE EC. ITS THE SAME VALUATION AS LAST YEAR WHEN I APPROVED THE EX IN OCT OF 2016."
sold already haha
These are preferred not common that guys an idiot!
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