New Chapter 11 Petition – Triangle USA Petroleum Corporation

Triangle USA Petroleum Corporation and five of its affiliates, including its Ranger Fabrication business, have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No. 16-11566).  The debtors are an independent energy company with a strategic focus on the Bakken Shale and Three Forks formations in the Williston Basin, with their headquarters in Denver, Colorado.  The filings do not include Tringle Petroleum Corporation (NYSE: TPLM) or the debtors’ RockPile Energy, Elmsworth Energy, Caliber Midstream or Optic Infrastructure Development affiliates.  The Ranger Fabrication business is being wound down.  The debtors have entered into a Plan Support Agreement with the holders of 73% of their senior unsecured notes to reorganize the Triangle USA business.  The petitions (including the consolidated list of top 20 creditors), the first day declaration and the docket are available through Prime Clerk.  The debtors have issued a press release regarding their reorganization.

The debtors and their case numbers are as follows:

16-11566         Triangle USA Petroleum Corporation

16-11567         Foxtrot Resources LLC

16-11568         Leaf Minerals, LLC

16-11570         Ranger Fabrication, LLC

16-11565         Ranger Fabrication Management, LLC

16-11569         Ranger Fabrication Management Holdings, LLC

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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