BlackRock’s Glass Mountain Inks Restructuring Deal to Cut Debt

Glass Mountain Pipeline reached an agreement with its sponsor BlackRock and more than two-thirds of its lenders to cut over $230 million in debt, according to a statement Friday. It’s seeking support from the rest of its creditors, and if they don’t sign on, Glass Mountain plans to carry out its restructuring in bankruptcy court.

• Under the plan, lenders will get a cash payment of $44 million and a pro rata share of a new $69 million first lien term loan
  • The new loan will be issued by a new entity that will be the direct parent of Glass Mountain ...