A committee representing Breitburn Energy Partners LP equity security holders is attempting to shoot down its bankruptcy exit plan by taking aim at a proposal to award company leadership with equity in the reorganized business, WSJ Pro Bankruptcy reported. The committee submitted an objection on Thursday to Breitburn’s chapter 11 plan, arguing that the proposed reorganization is premised on an artificially low valuation of the business made by the company’s investment bank, Lazard Frères & Co. LLC. The valuation ensures existing equity will be wiped out, the objection said. A judge is expected to consider approving the plan at a court hearing this week.
