Triangle Petroleum’s Reorg Plan as JPMorgan’s Property Approved

Oil explorer Triangle Petroleum Corp. plans to emerge from bankruptcy in about a week as a subsidiary of J. P. Morgan Chase & Co. after the court approved its reorganization plan.

J.P. Morgan Securities, a unit of J. P. Morgan Chase, will own all of the post-bankruptcy company’s common stock.

All unsecured claims will be paid in full, according to the plan and disclosure statement approved June 14 by Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware.

The Denver-based company said it also resolved all objections from creditors and federal agencies.

J.P. Morgan’s ownership ...