Breitburn Energy Partners LP on Monday announced it was suspending cash distributions to its investors, sparking a sell-off that drove down the price of its securities more than 39 percent.

In mid-morning trading Breitburn shares were selling for $5.33, down from the closing price Friday of $8.77.

Before the stock markets’ opening bell, Breitburn announced that it had secured a new credit facility for $760 million, more than its current borrowings of $717 million.

However, the company “is temporarily suspending distributions to remain in compliance with certain provisions of its credit facility for 2009,” according to the statement. The company did not specify how long the suspension may last.

Breitburn is headquartered in Los Angeles and controls oil leases for fields in the Los Angeles Basin, Michigan, Wyoming, Florida, Indiana, Kentucky and Texas.