Chaparral Energy 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 January 11, 2017 and March 13, 2017, respectively.
The motion explains, “The Debtors are working with the Prepetition Lenders and the Ad Hoc Committee to finalize the terms of a restructuring support agreement and the various exhibits thereto. While significant progress has been made, negotiations are ongoing and, accordingly, the Debtors have filed this Motion out of an abundance of caution. The Debtors continue to work cooperatively with the Prepetition Lenders and the Ad Hoc Committee and have provided their respective counsel with the opportunity to review and comment on a draft of this Motion prior to filing.”
The Court scheduled a December 7, 2016 hearing on the motion, with objections due by November 30, 2016.
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