Triangle Petroleum Wins Chapter 11 Plan Confirmation

Paul, Weiss represented independent energy holding company Triangle Petroleum Corporation in its successful pre-packaged chapter 11 restructuring plan. Under Triangle’s plan, which was confirmed by U.S. Bankruptcy Judge Mary F. Walrath in Wilmington, Delaware, secured noteholder J.P. Morgan Securities LLC will receive 100 percent of the equity in the reorganized company, and general unsecured creditors will be paid in full. The company entered chapter 11 bankruptcy in May.

The Paul, Weiss team included, among others, bankruptcy partner Jacob Adlerstein and counsel Diane Meyers; corporate partner Andrew Foley and counsel Scott Grader; tax partner Scott Sontag; and litigation counsel Daniel Mason.