Midstates Petroleum filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 27, 2016.
The motion explains, “The Debtors are mere weeks away from the hearing to confirm their value-maximizing plan, to the benefit of all stakeholders in these chapter 11 cases. As intended from the outset, these cases have moved expeditiously, a reflection of the consensus of $1.1 billion of claims that have committed to support the Debtors’ proposed restructuring pursuant to the plan support agreement. That swift progress has been and continues to be a key aspect of the value proposition presented by the plan, with the fully-consensual confirmation timeline contemplating a confirmation hearing beginning on August 29 (at the latest). ”
The motion continues, “However, the Debtors’ exclusive period to file a plan is currently set to expire on August 28. Thus, out of an abundance of caution, the Debtors hereby request an extension of their plan-filing exclusivity period through October 27, which will coincide with the end of their initial exclusive period to solicit votes on a plan. Granting this extension would create a number of benefits for these chapter 11 cases and for all parties in interest.” The Court scheduled an August 25, 2016 hearing on the motion.
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