(Source: Shutterstock, CorEnergy, Hart Energy archives)
CorEnergy Infrastructure Trust Inc. completed its reorganization and emergence from Chapter 11 bankruptcy, effective June 12.
CorEnergy expects the restructuring will allow the company to return to positive free cash flow beginning 2025, while pursuing energy transition opportunities.
The restructuring is in tandem with the resolution on the company’s San Pablo Bay rate case regarding its acquisition of California’s Crimson Pipeline assets.
The company’s prior common and preferred shares have been cancelled as of June 12, with no action required by shareholders.
“We are also encouraged by the progress in our cases for rate relief before the California Public Utilities Commission,” said CorEnergy CEO Robert Waldron. “We look forward to building on the momentum in our business as we continue to provide safe, efficient and reliable transportation for the oil and gas industry in California, return our crude oil business to profitability and capitalize on energy transition opportunities.”
In the future, CorEnergy plans to pursue an over-the-counter listing for the new shares in the reorganized company.
CorEnergy has also added five new members to its board who were appointed by its new equity holders.
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