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Azure Midstream Partners files for Chapter 11, may sell all assets


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Azure Midstream Partners files for Chapter 11, may sell all assets

Azure Midstream Partners LP filed for Chapter 11 bankruptcy protection, which is expected to include a restructuring plan and the sale of all or substantially all of its assets.

The partnership struck an agreement with lenders under its Feb. 27, 2015, credit agreement and expects operations to continue as usual as it maintains enough liquidity to do so until the planned sale materializes, according to a Jan. 30 news release.

The partnership's parent company, Azure Midstream Energy LLC, is not involved in the Chapter 11 proceedings.

"While we recognize this is disappointing news, Chapter 11 reorganization is the only solution that maximizes going concern value for all stakeholders," said I.J. Berthelot, president and CEO of Azure Midstream Partners.

The Chapter 11 cases, including first-day motions, were filed with the U.S. Bankruptcy Court for the Southern District of Texas. Alvarez & Marsal is serving as financial adviser, Evercore Group LLC is investment banker, and Weil Gotshal & Manges LLP is serving as Azure Midstream Partners' legal adviser.

Azure Midstream Partners provides gas and NGL transportation and midstream logistics services, with assets in Texas and Louisiana.