Breitburn Energy Partners LP has received a $1.8 billion full cash offer from Lime Rock Resources, according to court papers filed on Friday, a surprise bid that could blow open the oil and gas producer’s bankruptcy reorganization plan, Reuters reported. A four-day bankruptcy confirmation hearing in U.S. Bankruptcy Court in Manhattan ended last month after a bitter valuation battle between Breitburn and its shareholders. Parties were awaiting a ruling from U.S. Bankruptcy Judge Stuart Bernstein, who is overseeing the case, when Breitburn revealed in a letter to the judge that it had received the bid from Lime Rock, an oil basin acquirer and producer. Houston, Texas-based Lime Rock’s $1.8 billion stalking-horse offer tops a $1.6 billion enterprise valuation by Breitburn’s investment bank. The official committee of equity holders said that they believed Breitburn was worth $3.8 billion following a spike in oil prices since the company filed for bankruptcy in 2016.
