Rooster Energy filed with the U.S. Bankruptcy Court a motion to extend by 90 days the exclusive period during which the Debtors may file their Chapter 11 plan and solicit acceptances thereof through and including December 29, 2017 and February 27, 2018, respectively.
The motion explains, “Cause exists to grant the short extension of time requested herein. Specifically, the Debtor is engaged in several matters that are likely to impact and promote the reorganization process, many of which require the additional time sought. The Debtors remain in discussions with both the administrative agent for their secured lender, Angelo, Gordon Energy Servicer (the ‘Administrative Agent’), as well as the Debtors’ largest equity owner, Chet Morrison, on the structure of a plan of reorganization. The Debtors believe that they can achieve a reorganizational structure that works with the Administrative Agent and Mr. Morrison, but must also then obtain approval from the committees in this Case as well as from the Department of Interior.”
The motion continues, “Additionally, the Debtors expect to receive payment on several large receivables for decommissioning work during the period between November and December 2017. The Debtors will need these funds to, among other things, satisfy debtor-in-possession financing obligations and administrative claims, in order to emerge from bankruptcy.”
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