On January 30, 2017, Azure Midstream Partners LP (AZUR) announced that they, along with its affiliates and certain subsidiaries, began Chapter 11 cases in the United States Bankruptcy Court for the Southern District of Texas. This was in efforts to manage its debt obligations and conserve its going concern value. The company also anticipates filing a motion to approve procedures for a sale of all of its assets.
Azure Midstream Partners LP, is headquartered in Dallas, Texas. It is a fee-based, growth oriented limited partnership formed to develop, operate, and acquire midstream energy assets. They provide natural gas gathering, transportation, and processing services; as well as transportation and crude oil logistics services.
They have been able to reach a consensual agreement with the lenders under the Credit Agreement dated, February 27, 2015, and the lenders are supportive of the process, including the sale process.
Azure Midstream Partners LP expects day-to-day operation to continue without interruption throughout the Court-supervised process. Azure Midstream Partners LP expects to maintain sufficient liquidity to maintain its business operations until such time as a sale is consummated.
Azure Midstream Partners LP also announced that it has filed certain "first day" motions with the court to facilitate operating in the normal course throughout the court-supervised process. They are seeking court approval this week to continue paying employees, trade creditors, suppliers, and contractors in the ordinary course of business.
These cases do not involve Azure's parent company, Azure Midstream Energy.
Dozens of energy-related companies have filed for bankruptcy since 2015 due to the plummeting prices of crude oil. Soreide Law Group continues to hear from a growing list of investors whose brokers recommended a high-concentration of risky oil and gas stocks for their conservative portfolios causing devastating losses to their portfolios leaving investors at the end of a very long creditor’s line.
If you or a loved one have experienced losses due to your broker’s over-concentration of Azure Midstream Partners LP (AZUR) or any other energy-related stock, call Soreide Law Group for a no-cost consultation with a lawyer regarding the possibility of recovering your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency basis.
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