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Williston-Focused Bruin E&P Files for Bankruptcy

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   |    Friday,July 17,2020

Bruin E&P Partners, LLC and its subsidiaries have filed Chapter 11 bankruptcy.

The company has operations in the Williston Basin.

Bruin has the support of more than two-thirds of all its funded debt creditors, as well as its current equity holders. The restructuring will eliminate over $840 million of the Company's funded debt.

The company first reported its plan to pursue strategic alternatives after a missed interest payment in early June 2020.

Bruin has secured a debtor-in-possession (DIP) financing facility of $230 million.

Matt Steele, Chief Executive Officer of Bruin, said: "Bruin has been one of the premier operators in the Williston Basin over the last five years and will continue to execute high return projects during the planned short restructuring period. Bruin places a high value on operating safely and efficiently through responsible development." Mr. Steele continued saying "This transaction will allow Bruin to continue to support our partners, landowners, leaseholders, employees, contractors and the communities in which we work and live."

Kirkland & Ellis LLP is serving as legal counsel to Bruin, PJT Partners LLP is serving as financial advisor, AlixPartners LLP is serving as restructuring advisor, and Jackson Walker L.L.P. is serving as local legal counsel.

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