Case timeline

1. Jan 272017
   Plan: Court confirms Linn and Berry reorganization plans

   Linn Energy’s Chapter 11 began on May 11, 2016 with a Houston-based independent oil-and-gas platform operating about 27,000 gross productive wells across 12 states, 4.5 Tcfe of proved reserves, and roughly 1,650 employees. The debtors entered bankruptcy with about $7.695 billion of funded debt, split between $5.962 billion at the LINN debtors and $1.733 billion at Berry, after the collapse in crude and natural-gas prices cut into cash flow and forced a balance-sheet restructuring backed by more than two-thirds in principal amount of the first-lien debt at both LINN and Berry source filing. First-day liquidity was meaningful but controlled: the debtors reported about $929.5 million of cash, including approximately $211 million held by Berry, and sought authority to keep their cash-management system and use cash collateral source filing.

   The court confirmed separate amended plans for the LINN debtors and for Linn Acquisition/Berry on January 27, 2017, after a January 24 confirmation hearing, overruling unresolved objections and authorizing implementation of the plan transactions source filing. Under the LINN plan, allowed unsecured noteholders receive their pro rata share of the funded-debt equity distribution and unsecured rights, while existing LINN and LinnCo equity interests are canceled with no distribution, subject only to a limited LinnCo escrow position source filing.

   Sources and provenanceJanuary 27, 2017