Trinity River Resources, LP Files For Bankruptcy in Austin, Texas

On April 21, 2016, Trinity River Resources, LP (the “Debtor” or “Trinity”) filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Western  District of Texas, Austin Division. According to the declaration of the manager of Trinity’s general partner, Matthew J. Telfer (the “Telfer Declaration”), Trinity and its advisors ran a marketing and sale process and intend to sell the Debtor’s assets. See Telfer Declaration at 9.Trinity is an oil and gas exploration and production company with a focus on East Texas properties. The Debtor owns approximately 63,000 net acres in the Woodbine sands and Austin Chalk formations. Debtor’s working interests are primarily operated by its non-debtor affiliate BBX Operating, LLC. See Telfer Declaration at 5.Trinity’s liabilities include approximately $116,600,000 pursuant to a 2010 Credit Facility with General Electric Capital Corporation as administrative agent, and several amounts owed to unsecured creditors. See Telfer Declaration at 6-7.The Debtor’s bankruptcy case is captioned In re Trinity River Resources, LP Case No. 16-10742. The bankruptcy case has been assigned to Judge Tony Davis.A copy of the Telfer Declaration can be accessed here: Download Telfer Declaration.For further information, please contact a Thompson & Knight Bankruptcy and Restructuring Attorney. For more information on the Thompson & Knight’s Bankruptcy and Restructuring Practice, please visit www.tklaw.com/bankruptcy-and-restructuring/.