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LINN Energy gets court approval for Chapter 11 reorganization

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LINN Energy gets court approval for Chapter 11 reorganization

The U.S. Bankruptcy Court for the Southern District of Texas approved and confirmed LINN Energy LLC's amended Chapter 11 reorganization plan filing, according to a Form 8-K filed Jan. 30.

LINN, LinnCo LLC and Berry Petroleum Co.'s Chapter 11 bankruptcy protection plan is expected to start after all prerequisites have been met. Changes can still be made to the plan, according to the companies. They said they expect the plan to take effect within the next 30 days, but they could not provide the SEC with assurances on this timeline.

LINN announced on March 16, 2016, that, after defaulting on its credit facility and a contract on second-lien notes, "a filing under Chapter 11 of the U.S. Bankruptcy Code may be unavoidable." Linn and affiliates filed voluntary petitions for reorganization in May 2016. (U.S. Bankruptcy Court for the Southern District of Texas, Victoria Division, docket 16-60040)