[Context: On August 31, Bruin E&P announced completion of its restructuring process, which equitizes a “substantial majority” of the company’s debt. The company emerges with a $230m revolver capacity. The company was previously backed by ArcLight Capital. Further details, advisors and related links are below.]
Bruin E&P Partners, LLC: Notice of Completion of Comprehensive Restructuring
HOUSTON, Aug. 31, 2020 /PRNewswire/ — Bruin E&P Partners, LLC and its subsidiaries (“Bruin” or the “Company”), an exploration and production company with assets in the Williston Basin, North Dakota, today announced that it has completed its restructuring process and has emerged from Chapter 11. The comprehensive balance sheet restructuring equitizes a substantial majority of the Company’s funded debt. The Company emerges with $230 million in revolver capacity.
Matt Steele, Chief Executive Officer of Bruin, commented that “Bruin has been able to undergo an extremely efficient and uncontentious Chapter 11 proceeding due to the support of our stakeholders, including our vendors, suppliers, regulatory agencies, banking group, and additional members of our capital structure. Most importantly, our employees have continued to work safely and productively through the process.”
Mr. Steele continued stating, “We would like to thank each of our advisors for their guidance and tireless work and we look forward to continue to operate in the Williston Basin through our premier acreage position and operational excellence.”
Bruin emerges with a newly constituted Board of Directors, effective in conjunction with the Company’s emergence from Chapter 11. The new Board is comprised of Kevin Asarnow, Mark Bisso, Richard J. Doleshek, Mike Wichterich, and Matthew Steele.
More information about Bruin’s restructuring, including access to Court documents, will be available at www.omniagentsolutions.com/bruin or contact Omni Agent Solutions, the Company’s noticing and claims agent, at (866) 680-8161, or email BruinInquiries@OmniAgnt.com
For inquiries directly to the Company, please contact William Getschow at (281) 990-6953 or firstname.lastname@example.org
Kirkland & Ellis LLP served as legal counsel to Bruin, PJT Partners LLP served as financial advisor, AlixPartners LLP served as restructuring advisor, and Jackson Walker L.L.P. served as local legal counsel.
We are an independent exploration and production company focused on the acquisition and development of onshore oil and natural gas producing properties in the core of the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota. Bruin is headquartered in Houston, Texas and has offices in North Dakota and Colorado.