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Emerald Oil Revised Extension Approved

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The U.S. Bankruptcy Court issued an order approving Emerald Oil’s motion to extend by 150 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 20, 2016 and December 19, 2016, respectively. The Debtors’ had requested an exclusivity extension for December 19, 2016 and February 15, 2017, respectively.

As previously reported, “The Debtors’ request for an extension of the Exclusivity Periods is the Debtors’ first such request and comes fewer than four months after the firing of the chapter 11 cases. The Debtors will continue to take all steps that will maximize the value of their estates. In addition, recently the Debtors’ prepetition and postpetition secured debt facilities were purchased by third parties. Given this fundamental shift and the substitution of the Debtors’ fulcrum creditor and only lender, the Debtors believe additional time is necessary to prudently consider all alternatives and to pursue consensus in these chapter 11 cases among the Debtors’ key constituents. The Debtors believe the brief extension of the Exclusivity Periods contemplated herein will allow them to see the sale process through, or alternatively, move forward with an alternate restructuring proposal.”

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The post Emerald Oil Revised Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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