Emerald Oil filed with the U.S. Bankruptcy Court a second motion to extend by 120 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 17, 2017 and April 18, 2017, respectively.
The motion explains, “There can be no question that the size and complexity of these chapter 11 cases (as exacerbated by the current commodities pricing environment) weigh in favor of extending the Exclusivity Periods….The Debtors recently selected the winning bid for substantially all of their assets and have been working with the purchaser, their lenders, the Committee, Dakota, and other parties in interest to resolve certain issues that will enable the Debtors and the purchaser to close on the sale transaction. A brief extension of the Exclusivity Periods will preserve value for the Debtors’ bankruptcy estates and avoid distracting, value-destructive litigation over a competing chapter 11 plan. This is particularly important as the Debtors work with the other stakeholders in these cases to finalize the sale process.”
The Court scheduled a November 22, 2016 hearing to consider the motion, with objections due by October 28, 2016.
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