Buccaneer Energy Limited 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 October 28, 2014 and December 27, 2014, respectively. The motion explains, “The Debtors’ 120-day exclusive period for filing a chapter 11 plan expires on September 28, 2014. As the Court is aware, for the last several months, the Settling Parties have engaged in extensive settlement discussions, which have recently resulted in the Court-approved settlement (the ‘Settlement’) – an accord that will ultimately assist in the resolution of these chapter 11 cases. As soon as the Settlement was reached in principle, the Debtors engaged in extensive discussions with the other Settling Parties with respect to formulating a modified plan that incorporates the terms of the Settlement. While significant progress has been made towards a consensual chapter 11 plan, the Debtors submit that a brief extension of the exclusivity period is necessary in order for them to broker a path to maximize value for all of their stakeholders without the disruption that is likely to be caused by the filing of competing plans by non-debtor parties.” The Court scheduled an October 21, 2014 hearing to consider the motion.
About George Putnam
George Putnam, III the principle owner of New Generation Research, Inc., is a graduate of both Harvard Law School and Harvard Business School. He first became involved with distressed securities as a lawyer in the late 1970s. After seeing the inefficient niche that bankruptcies operated in, he founded New Generation Research, Inc. in 1986 with The Turnaround Letter and The Bankruptcy DataSource being the first offerings. Since then he has frequently been quoted in Barron’s, The Wall Street Journal, New York Times, USA Today and other financial publications for his thoughts on distressed and bankruptcy investing and research. In 1990, he was named investment advisor of the year by USA Today. In addition to his responsibilities at New Generation Research, Inc., Mr. Putnam also serves as a trustee for The Putnam Companies, a mutual fund group with over $100 billion in assets.