According to the U.S. Bankruptcy Court docket, Quicksilver Resources filed a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 1, 2016 and April 13, 2016, respectively.
The motion explains, “By this motion, the Debtors seek a second extension of the Exclusive Periods as set forth herein to allow them to fully implement their strategy for an orderly, value-maximizing exit from chapter 11….The time required to consummate any sale approved in connection with the Sale Process will extend well into early 2016. Given the timing associated with the Sale Process, the continuing potential for a consensual restructuring, and other complexities and difficulties associated with these chapter 11 cases (as more fully described in the First Exclusivity Motion), the Debtors believe that extending the Exclusive Periods as requested is reasonable, appropriate and in the best interest of these cases and the Debtors’ stakeholders. Indeed, doing so will allow the Debtors to pursue the Court-approved Sale Process to its logical conclusion, develop an appropriate mechanism for distributing sale proceeds, or, if appropriate, pivot to a value maximizing alternative, including a consensual plan of reorganization.”
The Court scheduled a November 3, 2015 hearing, with objections due by October 27, 2015. Read more Quicksilver Resources bankruptcy news.