Altera Infrastructure Files Chapter 11

Altera Infrastructure L.P. and certain of its subsidiaries filed bankruptcy petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas. According to the first day declaration, the company is an international midstream services provider to the oil and gas industry. The debtors are represented by Kirkland & Ellis LLP, Jackson Walker LLP, and Quinn Emanuel Urquhart and Sullivan, LLP. The debtors are pursuing a balance sheet restructuring and entered into a restructuring support agreement before the filing (which is supported by 71% of the debtors’ bank lenders). The debtors filed several typical first day Chapter 11 motions, including among others, a DIP financing motion …

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