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Sable Natural Resources Bankruptcy Objection Filed

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The U.S. Trustee assigned to the Sable Natural Resources case filed with the U.S. Bankruptcy Court an objection to the Company’s motion to extend or limit the exclusivity period.

The Trustee asserts, “The Court should deny the Motion because the Motion represents further delay and because Debtor is delinquent in providing proof of insurance to the United States Trustee, which is cause to dismiss or convert this case….Both the first and the second requests for extension of time were made at the last minute (or one day late in the case of the first extension). The request for a second extension of time represents further delay in a case that is already a year old and marked by inactivity. The Debtor failed to take advantage of its first extension by failing to obtain a new setting of its disclosure statement.”

In addition, “Instead, the Debtor allowed the first extension to run and now seeks an additional extension of 45 additional days at a time when the Debtor has failed to meet its administrative obligation to provide updated proof of insurance to the United States Trustee after multiple requests, which itself forms grounds for dismissal or conversion.”

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The post Sable Natural Resources Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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