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Triangle USA Petroleum Extension Approved

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The U.S. Bankruptcy Court approved Triangle USA Petroleum’s second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 16, 2017 and May 15, 2017, respectively.

As previously reported, “The Debtors have filed the Plan and the Disclosure Statement, and the Disclosure Statement Order was entered on January 13, 2017. The Debtors request extension of the Exclusivity Periods out of an abundance of caution, to provide the Debtors and their advisors with the opportunity to continue to solicit votes and pursue confirmation of the Plan in an orderly fashion.”

In addition, “The Debtors will also require additional time to negotiate and document their exit financing commitments, post-emergence corporate governance arrangements, and various other matters. While the Debtors will address these issues with all deliberate speed, they seek an extension of their Exclusive Periods to complete the solicitation and confirmation processes in an orderly fashion, and preclude the costly disruption and instability that would occur if competing plans were proposed either before the Plan is confirmed, or, if the Plan is not confirmed, before the Debtors have a meaningful opportunity to work with their key constituencies to put forth an amended proposal.”

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The post Triangle USA Petroleum Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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