Private Equity | Bankruptcy / Restructure Update | Capital Markets | Bankruptcy Exit
Bruin E&P Completes Chapter 11 Bankruptcy
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Williston Basin-focused Bruin E&P Partners has completed its restructuring process and emerged from Chapter 11.
Most of the debt was converted to equity and the company emerged with a $230 million revolver.
Matt Steele, Chief Executive Officer of Bruin, commented: "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.
"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."
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