The U.S. Bankruptcy Court approved LINN Energy’s 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 17, 2017, respectively.
As previously reported, “Extension of the Exclusive Periods is merited to provide the Debtors sufficient time to achieve the successful conclusion to these cases for which the Debtors have worked so hard thus far. Given the size and complexity of their businesses, the Debtors’ request for additional time to complete their key restructuring initiatives is amply justified.”
The motion continued, “Additionally, such an extension will provide the Debtors sufficient time to satisfy the RSA milestone for the effective date of a plan of reorganization. For the foregoing reasons, the Debtors submit that an extension of the Exclusive Periods will serve the best interests of all parties, avoid wasteful distraction, and provide the appropriate environment for the major stakeholders in these chapter 11 cases to work collaboratively toward a value-maximizing restructuring. Accordingly, the Debtors respectfully request that the Court grant the Debtors’ requested extension of the Exclusive Periods.”
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