According to the U.S. Bankruptcy Court docket, the Court approved Samson Resources’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 14, 2016 and December 14, 2016, respectively.
As previously reported, “The Debtors’ request for an extension of the Exclusivity Periods is the Debtors’ first such request and comes less than 100 days after the Petition Date. During the 93 days of these cases, the Debtors have made significant efforts to bring stability to their operations and have continued to negotiate a potential restructuring to maximize value in the face of very challenging conditions.”
The motion had continued, “However, given the scope of what must still be achieved (and the events of the first phase of these cases), much work remains. The Debtors anticipate that, with the requested extension of the Exclusivity Periods, they will make progress toward completing a restructuring and emerging from chapter 11 with an appropriate capital structure and improved operations, which favors extending the Exclusivity Periods….The circumstances of these chapter 11 cases require the extension sought by this Motion to bring the Debtors’ restructuring to an orderly and efficient conclusion.”
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