Creditors

SandRidge Energy Inc. and Breitburn Energy Partners LP both filed for restructuring under Chapter 11 Monday, adding to a growing list of oil and gas bankruptcies induced by the commodity price rout.

TEPPCO Partners LP subsidiary TEPPCO Crude Oil LLC is not one of 11 SemGroup LP creditors that alleged that unauthorized energy trading may have caused SemGroup’s $3.2 billion loss — contrary to what was reported in Daily GPI articles on July 24 and July 29 titled “SemGroup Implosion Brings More Questions than Answers” (see Daily GPI, July 24) and “Pioneer Natural Resources Latest to Be Bit by SemGroup Downfall” (see Daily GPI, July 29). NGI regrets the error. As reported previously, TEPPCO does not expect any future material impact from the SemGroup bankruptcy nor does it expect any future material credit exposure to SemGroup.

With the financing and regulatory steps now in place to pay off $11.7 billion to creditors, Pacific Gas and Electric Co. in three weeks should exit Chapter 11 bankruptcy protection after three years, “turning a corner to a period of significant stability,” Robert Glynn, CEO of the utility’s parent company, PG&E Corp., told a Wall Street audience Wednesday at the Morgan Stanley Global Electricity & Energy Conference.

With the financing and regulatory steps now in place to pay off $11.7 billion to creditors, Pacific Gas and Electric Co. in three weeks should exit Chapter 11 bankruptcy protection after three years, “turning a corner to a period of significant stability,” Robert Glynn, CEO of the utility’s parent company, PG&E Corp., told a Wall Street audience Wednesday at the Morgan Stanley Global Electricity & Energy Conference.

Seeking to pull itself out of the Enron quagmire, Arthur Andersen reportedly is attempting to negotiate a settlement with Enron shareholders, unsecured creditors and employees in Enron’s 401(k) retirement plan, according to a story this morning in the Wall Street Journal.

New York-based J.P. Morgan Chase & Co., one of Enron Corp.’s biggest creditors and rumored to be in the running to make a bid for the company, on Tuesday sued its former business partner for more than $2.1 billion. The lawsuit was filed in the U.S. Bankruptcy Court in New York on behalf of itself and related parties, claiming it has rights to some of Enron’s assets, including accounts receivable, commercial paper, cash and other property not protected in the Chapter 11 reorganization.