Aztec Oil & Gas 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 December 13, 2016 and February 7, 2017, respectively.
The motion explains, “the Debtors have been forced to divert substantial attention that would have otherwise been directed toward formulating and negotiating a plan of reorganization to other critical and timely matters, including (among other things) managing the accounting and financial software of the debtors which was unworkable, responding to numerous adversarial motions filed by certain parties-in-interest, stabilizing operations and addressing several pending litigation matters….Notwithstanding the substantial resources dedicated to stabilization of the Debtors, the Debtors have begun to seek and evaluate possible financial partners or FINRA obligations which would assist in the chapter 11 Reorganization. To that end, the Debtors plan to seek Court approval of the retention of either a financial professional, securities counsel and/or an investment advisor to facilitate the best possible recovery on estate assets.”
The motion continues, “This Motion is not filed for purposes of delay but to allow the Debtors time to market the Debtors’ assets, and/or seek an investor to assist in the reorganization and listing of the public parent company, and develop a plan. The extension requested is reasonable and realistic in view of the circumstances of this case, the nature of the Debtors’ businesses and the need to afford the Debtors a reasonable opportunity to market their assets, settle litigation, negotiate with creditors, and propose a plan of reorganization.” The Court scheduled a September 12, 2016 hearing on the motion.
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