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Cobalt International Energy Bankruptcy Extension Sought

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Cobalt International Energy filed with the U.S. Bankruptcy Court a motion to extend the Company’s exclusive period to file a Chapter 11 plan and solicit acceptances thereof through and including August 11, 2018 and October 10, 2018, respectively.

The extension motion explains, “As of the Petition Date, the Debtors had approximately $2.8 billion of outstanding debt-funded obligations, consisting of first lien notes, second lien notes, and senior unsecured notes. Managing a business facing such complex issues is challenging in its own right, and the restrictions and pressures inherent to the chapter 11 process only amplify those difficulties. Further, the Debtors are negotiating with certain parties in interest that have taken an active role in their chapter 11 cases, including the creditors’ committee, the U.S. Trustee, three ad hoc noteholder groups and their respective indenture trustees, as well as parties to litigation against the Debtors and their current and former directors and officers.”

In addition, “In spite of these complexities, the Debtors have made substantial progress towards confirming a chapter 11 plan that will drive value-maximizing sale and restructuring transactions….All stakeholders benefit from continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole plan proponents. The Debtors have been in extensive communication with all parties in interest to improve upon the Plan to the extent possible and will continue such discussions as they seek to build consensus ahead of confirmation. Moreover, even if the Court approves an extension of the Exclusivity Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors’ exclusivity should such cause arise.”

The Court scheduled an April 11, 2018 hearing to consider the motion.

Read more energy bankruptcy news.

The post Cobalt International Energy Bankruptcy Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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