On May 11, 2016, LINN Energy and certain of its subsidiaries announced that they have entered into a restructuring support agreement with more than two-thirds of its first-lien lenders.
In order to implement the terms of the agreement, LINN and certain of its subsidiaries filed voluntary petitions for restructuring under Chapter 11 of the U.S. Bankruptcy Code. The Company believes that these steps will provide the financial flexibility to successfully manage in the current commodity price environment, and when combined with constructive agreements with remaining creditors and potential third party financing, will provide a platform for future growth.
As part of the court-supervised process, LINN will be required to periodically disclose certain financial results. The Company does not expect to issue earnings press releases or hold quarterly conference calls during the court-supervised restructuring process.
Court filings and other information related to the court-supervised proceedings are available at a website administered by the Company’s claims agent, PrimeClerk, at https://cases.primeclerk.com/linn.