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Samson Resources Stipulation Approval Sought, Granted

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Samson Resources filed with the U.S. Bankruptcy Court a stipulation between the Company and Southern Ute Indian Tribe and the Departments and Agencies of the Federal Government extending the Debtors’ time to assume federal and tribal oil and gas leases.

According to the stipulation, “In accordance with section 365(d)(4) of the Bankruptcy Code, the time period within which the Debtors may assume or reject the Applicable Leases is extended through confirmation of any chapter 11 plan in these chapter 11 cases, provided that such plan may provide for the effective date of assumption or rejection to occur at a later date. The hearing on the Motion with respect to the Applicable Leases shall be continued to a date to be determined and noticed at a later time, all subject to the Court’s availability. The time period for (a) the Extending Lessors, (b) the Committee, (c) the agent under the Debtors’ first lien credit facility, or (d) the agent under the Debtors’ second lien credit facility to file an objection to the Motion with respect to the Applicable Leases shall be extended until seven (7) days before any hearing on the Motion. This Stipulation is without prejudice to the right of the Debtors to request additional extensions of time to assume the Applicable Leases consistent with section 365(d)(4) of the Bankruptcy Code.”

The Court subsequently approved the stipulation motion. Read more bankruptcy news.

The post Samson Resources Stipulation Approval Sought, Granted appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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