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 April 16, 2017 and June 15, 2017, respectively.
As previously reported, “A hearing on the confirmation of the Amended LINN Plan and the Amended Berry Plan is set for January 24, 2017. The Debtors are working tirelessly to emerge from bankruptcy as a successful going concern in early February 2017 – well in advance of the March 1, 2017 outside date set forth in the restructuring support agreement between the LINN Debtors and certain of the LINN First Lien Lenders, an ad hoc group of LINN Second Lien Lenders, and an ad hoc group of LINN Unsecured Noteholders (the ‘LINN RSA’) and the restructuring support agreement entered into between the Berry Ad Hoc Group, the Berry First Lien Lenders, and the Berry Debtors (the ‘Berry RSA’).”
In addition, “By this Motion and out of an abundance of caution, the Debtors are requesting an additional 120-day extension of the Exclusive Periods…to ensure that the Debtors have sufficient time to consummate the Amended LINN Plan and the Amended Berry Plan, and achieve the successful conclusion of these cases for which the Debtors have worked so hard and the realization of which is so close at hand.”
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