Breitburn Energy Partners 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 March 13, 2017 and May 12, 2017 respectively.
The motion explains, “More than adequate cause exists for the requested extensions of the Exclusive Periods. The requested extensions will enable the plan negotiation process to continue in a productive manner, enable the full exploration and analysis of various chapter 11 plan exit strategies, maximize the potential for a consensual plan and avoid the chaos, expense, litigation and loss of value that will necessarily ensue in a competing plan scenario.”
The Court scheduled a January 10, 2017 hearing to consider the motion.
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