New Delaware Chapter 11 Filing – Triangle Petroleum Corporation

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Triangle Petroleum Corporation (OTCMKTS: TPLM), along with three subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-11025).  Triangle, headquartered in Denver, CO, is the former parent company of Triangle USA Petroleum Corp., which filed for chapter 11 (Lead Case No. 16-11566) in June 2016 and emerged from bankruptcy in March 2017.  According to Triangle’s First Day Declaration, Triangle is an independent energy holding company that operates through a number of non-Debtor subsidiaries.  The First Day Declaration further explains that Triangle has filed and solicited votes on a prepackaged plan of reorganization, which is supported by J.P. Morgan Securities, LLC, Triangle’s secured creditor and the only party allegedly entitled to vote on the prepackaged plan.  General unsecured creditors and other secured claims are unimpaired under the prepackaged plan.  The Disclosure Statement can be found here.  Triangle is seeking to have the Court hold a combined confirmation and disclosure statement approval hearing on June 14, 2019Epiq is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Mary F. Walrath.

Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.

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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