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Emerald Oil Extension Sought

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Emerald Oil filed with the U.S. Bankruptcy Court a third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including June 19, 2017 and August 16, 2017, respectively.

The motion explains, “After the sale closed, the Debtors successfully negotiated and reduced or otherwise settled a number of prepetition lien claims with lien claimants. Finally, the Debtors negotiated and filed the Plan with the support of certain of their key stakeholders. A brief extension of the Exclusivity Periods will preserve value for the Debtors’ bankruptcy estates and avoid distracting, value-destructive litigation over a competing chapter 11 plan.”

In addition, “The Debtors continue to work to resolve certain contingencies in connection with consummation of their chapter 11 plan. More specifically, the Debtors recently began solicitation of acceptances for the Plan and the voting deadline will not occur until March 13, 2017. While the Debtors have made and are continuing to make substantial progress toward confirmation of the Plan, more time is appropriate to permit solicitation thereof.” The Court scheduled a March 22, 2017 hearing to consider the motion, with objections due by March 2, 2017.

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