EP Energy ranch owners file conditional exclusivity period objection

By Caroline Salls

Pittsburgh, Feb 24 – A group of EP Energy Corp. ranch owners filed a conditional objection Friday to the company’s proposed exclusivity extension, according to a filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The MSB owners said EP Energy’s exclusivity should be allowed to expire if their rights, claims, interests and contracts are not stipulated to pass through the bankruptcy cases and if the Chapter 11 plan currently being proposed by the company is not confirmed.

“For several months, the debtors have been pursuing approval of the current plan of reorganization that seeks to award virtually all of the debtors’ new equity to existing insider sponsors and new debtholders who bought up much of the 1.5L secured note tranches at substantial discounts in the months before the bankruptcy,” the objection said.

If the current plan is not confirmed, the MSB owners said exclusivity should expire “to allow other parties to pursue their concepts for reorganizing the debtors.”

The objecting MSB owners include Storey Minerals, Ltd., Storey Surface, Ltd., Maltsberger, LLC, Maltsberger/Storey Ranch, LLC, Maltsberger/Storey Ranch Lands, LLC, the Estate of Sarah Lee Maltsberger and Rene R. Barrientos, Ltd.

The oil and natural gas exploration and production company is based in Houston. The company filed bankruptcy on Oct. 3 under Chapter 11 case number 19-35654.

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