The U.S. Bankruptcy Court approved Breitburn Energy Partners’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including May 12, 2017 and July 11, 2017, respectively.
As previously reported, “Pursuant to this Motion, the Debtors seek an additional 60-day extension of the Exclusive Periods to continue negotiations designed to culminate in the filing of a plan of reorganization that will maximize value for their economic stakeholders. Currently, the Debtors, consistent with the intent and purpose of chapter 11 of the Bankruptcy Code, are managing and overseeing a comprehensive and inclusive plan process involving all of their creditor and shareholder constituencies in an effort to achieve a consensus. Substantial progress has been made in this endeavour, and the requested extensions of the Exclusive Periods will serve to preserve and maintain the delicate balance of the negotiation process and maximize the ability to achieve a consensual plan.”
More on energy bankruptcies.