October 6, 2017 / 1:53 AM / a year ago

Unsolicited bidder, creditors push Breitburn to sell assets

Diamondback Energy has raised its unsolicited offer to $725 million for Texas assets of bankrupt Breitburn Energy Partners LP, which has prompted the energy producer’s unsecured creditors to push for a deal, according to court papers on Wednesday.

Diamondback on Tuesday informed Breitburn it is willing to raise its offer from $675 million to acquire assets in the oil-rich Permian Basin, where investment activity surged after oil prices rebounded from below $30 a barrel early last year.

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