December 19, 2017 / 8:27 PM / in 6 months

Breitburn's good faith can be debated at Chap. 11 confirmation - judge

U.S. Bankruptcy Judge Stuart Bernstein shot down for the time being an unusual request by a retail bondholder of Breitburn Energy Partners LP to evaluate whether the oil and gas producer had breached its fiduciary duty to retail bondholders and shareholders, but said the matter could be raised at the Chapter 11 confirmation hearing.

In court papers, bondholder Douglas May objected to Breitburn’s reorganization plan, saying the process had been tainted by a “misbehaving fiduciary” and called on the court to determine the company’s fiduciary status before confirming its Chapter 11 reorganization.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2yZKnhA

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