Sable Natural Resources filed with the U.S. Bankruptcy Court a notice of withdrawal of its First Amended Plan of Reorganization and related Disclosure Statement and the Company’s motion for an exclusivity extension.
The U.S. Trustee assigned to the case also filed a certification of failure to comply with the agreed order granting in part and denying in part the Trustee’s motion to convert the case to Chapter 7 or, in the alternative, dismiss the case, in accordance with 11 U.S.C. Section 1112(b)(1).
The Trustee’s certification explains, “After discussions among the Debtor, Mr. Hall, the SEC, and the United States Trustee, the Debtor determined to withdraw the Motion to Extend, the amended plan and the amended disclosure statement…..Accordingly, because the Debtor has withdrawn its Motion to Extend, the amended plan and the amended disclosure statement, the Debtor has failed to meet the Extended Deadlines. Having failed to meet the Extending Deadlines, the Debtor has not complied with the terms of the Agreed Order Conditioning Conversion.”
In addition, “By filing this pleading, the United States Trustee hereby certifies that the Debtor has failed to comply with a deadline and shall, as required by the Agreed Order, shall upload an order converting this case to a case under chapter 7 for failure to comply with an order of the Court in accordance with 11 U.S.C. § 1112(b)(4)(E).”
The Court subsequently entered an order converting Sable Natural Resources’ Chapter 11 reorganization to a liquidation under Chapter 7.
Read more bankruptcy news.
The post Sable Natural Resources Case Converted appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.