Dallas-based Azure Midstream Partners LP, affiliates and certain subsidiaries filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of Texas. The company said it anticipates filing a motion to approve procedures for a sale of all or substantially all of its assets, as well as a Chapter 11 plan and accompanying statement shortly. The company said it has reached an agreement on the process with lenders. Day-to-day operations are expected to continue until a sale. The company has assets in Louisiana and Texas, including in the Haynesville Shale and Cotton Valley. "...Chapter 11 reorganization is the only solution that maximizes going concern value for all stakeholders," said CEO Chip Berthelot. "We will continue to operate the company and proceed through this process in a way that best preserves asset value for everyone with an interest." These bankruptcy filings do not involve Azure's parent company, Azure Midstream Energy.
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