Penn Virginia 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 January 11, 2017 and March 14, 2017, respectively.
The motion explains, “This request to extend the Exclusivity Periods is the Debtors’ first request and comes approximately 90 days into these chapter 11 cases….Extending the Exclusivity Periods will benefit creditors by avoiding the drain on estate assets attendant to the potential proposal of a competing chapter 11 plan of reorganization. All stakeholders benefit from that continued stability and predictability, which comes only with the Debtors being the sole potential plan proponents. Moreover, even if the Court approves an extension of the Exclusive Periods, nothing prevents parties in interest from later arguing to the Court that cause supports termination of the Debtors’ exclusivity. Accordingly, the relief requested herein is without prejudice to the Debtors’ creditors and will instead benefit the Debtors’ estates, their creditors, and all other key parties in interest.”
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