The U.S. Bankruptcy Court issued an order approving GreenHunter Resources’ second motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 14, 2016 and January 11, 2017, respectively.
As previously reported, “The requested extensions of the Exclusive Periods will provide the Debtors and all other parties in interest an opportunity to develop fully the grounds upon which serious negotiations toward a Chapter 11 Plan can be based. At this point, the main issue in the case involves the lien of the Debtors’ prepetition secured creditor. If that issue can be resolved, then the Debtors will be able to file a liquidating plan, which would be beneficial to the unsecured creditors.”
Court-filed documents continue, “Moreover, expiration of the Exclusive Periods would likely lead to adversarial situations that would cause deterioration in the Debtors’ operations, the value of their Estates and their ability to negotiate a consensual Chapter 11 Plan.” Read more oil & gas bankruptcy news.
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