Triangle Petroleum Corp., which has interests in North Dakota’s energy and commercial real-estate markets, filed for bankruptcy Wednesday with a reorganization plan under which bondholder J.P. Morgan Securities LLC will get all of the equity, the Wall Street Journal reported. Triangle’s debt consists mostly of a $2 million secured term loan from JPMorgan Chase Bank NA and $167 million under a secured bond J.P. Morgan Securities bought from another investor. J.P. Morgan Securities was no longer willing to extend forbearance, which would expire May 19, Chief Executive Ryan McGee said in a filing in U.S. Bankruptcy Court in Wilmington, Del. Triangle said that J.P. Morgan Securities is the sole holder of the secured bond, which is the only class entitled to vote on the reorganization plan, and that the bondholder has agreed to the balance sheet restructuring. J.P. Morgan Securities is expected to recover up to 43 cents on the dollar of what it is owed, the filings said. The company said that general unsecured claims — those of small vendors and professionals — will be paid in full. The $2 million secured loan will be converted into exit financing. J.P. Morgan Securities will select the new board of the reorganized business. Equity investors will receive nothing under the plan. Denver-based Triangle’s shale drilling operations are focused in the Williston Basin in North Dakota and Montana.
