Bruin E&P Partners, LLC and its subsidiaries, an exploration and production company with assets in the Williston Basin, North Dakota, announced Aug. 31, 2020, 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 http://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 email@example.com.
About Bruin E&P Partners
Bruin E&P Partners, LLC and its affiliates are a privately owned exploration and production enterprise focused on the acquisition and development of onshore oil and natural gas producing properties. Headquartered in Houston, Texas, and with offices in Colorado and North Dakota, Debtors have approximately 134 employees. For more information visit http://www.bruinep.com/
Bruin E&P Partners and its affiliates concurrently filed voluntary Chapter 11 petitions (Bankr. S.D. Tex. Lead Case No. 20-33605) on July 16, 2020. Bruin E&P CEO Matthew B. Steele signed the petitions. At the time of the filing, Bruin E&P disclosed estimated assets of $1 billion to $10 billion and estimated liabilities of the same range.
Judge Marvin Isgur oversees the cases.
The Debtors tapped Kirkland & Ellis LLP and Kirkland & Ellis International LLP as legal counsel; Jackson Walker L.L.P. as local counsel; PJT Partners LP as financial advisor and investment banker; AlixPartners LLP as financial and restructuring advisor; and Omni Agent Solutions as claims and noticing agent.