Breitburn Energy Partners 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 March 11, 2017 and May 10, 2017, respectively.
The motion explains, “The Debtors have responded to the exigent demands of these chapter 11 cases and have worked diligently with the Creditors’ Committee and their first and second lienholders to advance the reorganization process. The Debtors should be afforded a full, fair, and reasonable opportunity to negotiate, propose, file, and solicit acceptances of a chapter 11 plan. This first requested extensions of the Exclusive Periods are warranted and necessary to afford the Debtors a meaningful opportunity to pursue the chapter 11 reorganization process and build a consensus among their economic stakeholders, all as contemplated by chapter 11 of the Bankruptcy Code.”
The Court scheduled an August 23, 2016 hearing on the motion, with objections due by August 16, 2016. Read more energy bankruptcy news.
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