Par Pacific Holdings, Inc. – EGI

Par Pacific Holdings, Inc.

Key Takeaway

From bankruptcy to growth

Prior to the 2011 Chapter 11 filing of Delta Petroleum, we accumulated a large position in the company’s unsecured bonds. Using our blocking position in the notes, we took a lead role in the restructuring process. We encouraged other creditors to support a JV strategy designed to preserve Delta’s NOL assets, and cancelled the planned fire sale of the remaining assets. Post-emergence, Delta changed its name to Par Pacific and embarked on an acquisition strategy to capitalize on its tax attributes. We have been instrumental in helping Par build its management team, advising the company on acquisition structuring, and backstopping a series of rights offerings. Since emergence, Par has completed a number of transactions, including the purchase of two refineries and associated downstream assets in Hawaii and Wyoming as well as midstream logistics assets.