December 28, 2020 – The Court hearing the Bainbridge Uinta Holdings cases has extended the periods during which the Debtors have an exclusive right to file a Plan and solicit acceptances thereof, through and including February 28, 2021 and April 29, 2021, respectively [Docket No. 190]. Absent the relief, the Plan filing and solicitation periods were scheduled to expire on December 30, 2020 and February 28, 2021 respectively.
The motion [Docket No. 172] states, “Since the Petition Date, the Debtors have worked diligently with their prepetition secured lender — White Oak Global Advisors, LLC (‘White Oak’) — to consensually maximize value for their bankruptcy estates and all creditors, as further set forth in the Framework Agreement and Bid Procedures. Under the Framework Agreement and Bid Procedures, the Debtors and Consultation Parties must select whether to pursue a Plan or 363 Sale on or before December 17, 2020, and once that decision is made, only thirteen (13) days will remain in the Exclusive Filing Period. In the event that a Chapter 11 Plan presents the best likelihood of achieving that goal, the Debtors will require additional time to negotiate, file and solicit a Chapter 11 Plan and disclosure statement with the ultimate Plan sponsor.”
Notwithstanding the reference to a December 17th deadline in the extension motion, no notice of whether the Debtors have elected to pursue a Plan or 363 Sale had been filed with the Court as of December 29, 2020.
About the Debtors
According to the Debtors: “Uinta is an upstream oil and gas company, founded in 2018. On or about September 25, 2018, the Debtors acquired the Three Rivers field from Ultra Petroleum for a purchase price of approximately $75,000,000. The acquisition included approximately 8,258 gross leasehold acres. The Debtors’ mineral leases are with the Bureau of Land Management, Utah state governmental organizations and private lessors. At the time of closing, the Three Rivers field was comprised of 126 producing oil wells, nine drilled but uncompleted wells, the associated pumping units, oil tanks, other surface equipment, field gathering system for oil, gas and water and related assets. Currently, Uinta is the sole working interest owner, and operator of 146 producing wells, 6 injection wells and 1 disposal well in Utah’s Uinta Basin.
Uinta has approximately 20 employees in Utah and Texas. The Debtors’ average monthly gross revenue in 2020 is approximately $3.4 million, consisting of proceeds from the production and sale of oil, gas, and natural gas liquids, and proceeds from certain “in the money” hedges with BP Energy Company.”
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The post Bainbridge Uinta Holdings, LLC – With Choice Pending Between Plan or Sale Path, Court Grants 60-Day (First) Exclusivity Extension through February 28th appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.
