The U.S. Bankruptcy Court issued an order approving SandRidge 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 13, 2017 and March 14, 2017, respectively.
As previously reported, “The hearing to confirm the plan of reorganization that embodies this globally unsupported restructuring is scheduled to conclude on September 8, 2016, approximately five days before the statutory expiration of the Debtors’ exclusive right to file a chapter 11 plan. Out of an abundance of caution, however, the Debtors seek an extension of the exclusivity period in which the Debtors may file and solicit acceptances of a chapter 11 plan of reorganization. The Debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing restructuring contemplated by the Plan.”
Court-filed documents continue, “Extending the exclusivity periods will afford the Debtors and their stakeholders’ time to confirm the Plan, finalize the transactions contemplated by the Plan, and proceed toward emergence in an efficient, organized fashion. Therefore, the Debtors request an extension of the exclusivity period by four months to allow the Debtors to focus on continuing to advance the process and to preclude the costly disruption and instability that would occur if competing plans were to be proposed.”
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