The U.S. Bankruptcy Court approved Abengoa Bioenergy US Holdings’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 19, 2017 and June 18, 2017, respectively.
As previously reported, “As the Court is aware, the Debtors have consummated the sale of substantially all of their assets. Since consummation of the sale, the Debtors, together with their advisors, have been focused on developing a chapter 11 plan. A critical element of this process has been to engage the Committee and its advisors in negotiations in an attempt to formulate a consensual chapter 11 plan.”
In addition, “Because of the significant impact that the Delaware Plan has on many of the largest creditors in these cases, the efforts with the Committee to negotiate a consensual plan have intensified since the confirmation of the Delaware Plan in December. The Debtors believe that, with the substantial progress made with the Committee in formulating a consensual chapter11 plan that they expect to file no later than January 25, 2017, the relief requested in this Motion to allow time to finalize certain negotiations related thereto is appropriate, necessary, and in the best interest of all stakeholders.”
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