New Delaware Chapter 11 Filing – Triangle Petroleum Corporation
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, 2019. Epiq is the proposed claims and noticing agent. The cases have been assigned to the Honorable Mary F. Walrath.
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