The U.S. Bankruptcy Court approved Red Mountain Resources’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 6, 2016 and November 7, 2016.
As previously reported, “The Bidding Procedures Order lays the groundwork for a sale process that is expected to culminate in a sale hearing on August 1, 2016, at which time the Debtors expect to propose the sale of certain Assets. If the sale of those Assets is approved and closes, the sale will result in the satisfaction of substantially all of the Debtors’ secured indebtedness. The Debtors would then propose a plan of reorganization around their remaining Assets. Because a plan of reorganization centered on the Debtors’ remaining Assets would be substantially different from a plan involving the Debtors current Assets, the Debtors request that they be provided an additional sixty (60) days of exclusivity in which to file a plan, so that the proposed sale can be considered by the Court and, if approved, allowed to close.”
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