Bruin E&P Partners LLC filed for bankruptcy in the Southern District of Texas on Friday, joining a growing list of U.S. oil and gas producer to crumble due to the combination of heavy debt and lower oil prices.
The Houston-based company, owned by private equity firm ArcLight Capital Partners LLC, listed assets and liabilities of between $1 billion and $10 billion on its bankruptcy petition.
In a separate statement, Bruin said it secured $230 million of debtor-in-possession financing as part of a restructuring agreement supported by more than two-thirds of its creditors and by shareholders. The agreement will ...
