Breitburn Energy Partners LP, which has been in bankruptcy since 2016, does not plan to pursue an unsolicited $1.8 billion cash offer from Lime Rock Resources, according to court filings.
The offer from Houston-based Lime Rock, which invests in oil and gas properties, surfaced last month as Breitburn was awaiting a ruling on its bankruptcy reorganization plan. The confirmation hearing ended in January after a bitter valuation battle between Breitburn and its shareholders who argued it undervalued the company.
In a filing with U.S. Bankruptcy Court in Manhattan late Feb. 9, Breitburn said it was not required to “pursue conditional offers thrown across the transom, particularly after the close of a contested confirmation hearing.”
Source: Oil & Gas Investor