WASHINGTON (dpa-AFX) - LINN Energy, LLC (LINE), LinnCo, LLC (LNCO), and Berry Petroleum Company, LLC announced it has entered into a Restructuring Support Agreement with holders of Credit Facilities. Under the Agreement, the parties agreed to support a plan of reorganization for the company that would include: a new LINN $2.2 billion reserve-based and term loan credit facility; the consensual use of LINN and Berry's cash collateral to fund the Chapter 11 Cases; and the broad terms of a comprehensive restructuring of indebtedness.
LINN, LinnCo, and Berry filed voluntary petitions for restructuring under Chapter 11 of the Bankruptcy Code. The company expects operations across its asset base to continue in the ordinary course throughout the Chapter 11 process.
LINN, LinnCo, and Berry anticipate that the cash available to it during its Chapter 11 Cases will likely provide sufficient liquidity to support the business during the financial restructuring process. As such, the company does not currently intend to seek debtor-in-possession financing.
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