Delta Petroleum Corp. (DPTR: Quote), now renamed Par Petroleum Corp., announced that as of today, Aug 31, 2012, the company has consummated its third amended plan of reorganization with Laramie Energy II, LLC as the sponsor.
The company said that the implementation of the Plan, as confirmed by the U.S. Bankruptcy Court on August 16, 2012, marks the conclusion of the company's financial restructuring, and the emergence of Delta and eight subsidiaries from Chapter 11.
In conjunction with the reorganization, Delta has been renamed Par Petroleum Corporation.
At closing, Laramie and Par Petroleum contributed their respective assets in Mesa and Garfield counties, Colorado, to form a new joint venture called Piceance Energy, LLC. Laramie and Par Petroleum hold 66.66% and 33.34% ownership interests in Piceance Energy, respectively.
Subsequently, Piceance Energy entered into a new $140 million credit agreement, and distributed about $74.1 million to Par Petroleum and $24.8 million to Laramie. The distributions are subject to adjustment per the joint venture transaction effective date of July 31, 2012, the company stated.
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by RTT Staff Writer
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