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Triangle USA Petroleum Bankruptcy Extension Sought

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Triangle USA Petroleum (TUSA) filed with the U.S. Bankruptcy Court a third motion to extend by 45 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 30, 2017 and June 29, 2017, respectively.

The motion explains, “Class 4, consisting of general unsecured claims against the Ranger Debtors, narrowly rejected the Second Amended Plan, with TPC, the largest creditor in the class, TPC, casting the sole rejecting ballot. TPC’s desire to change its vote may ultimately lead to a confirmable plan for the Ranger Debtors, which the Debtors continue to believe is the best outcome for stakeholders. At the same time, the Debtors are cognizant that TPC’s position on the Ranger plan is just one of a broader set of issues that remain to be resolved among the Debtors, their key stakeholders, and TPC.”

In addition, “The Debtors believe that an integrated resolution of these issues, that has the support of the Debtors’ key constituencies, represents the best path to achieving a consensual and ultimately successful plan for the Ranger Debtors. The requested extension of the Exclusivity Period will allow the Debtors additional time to work toward a consensual resolution of these outstanding issues. Under the circumstances, no stakeholders will be prejudiced by the proposed extension.”

The Court scheduled a March 30, 2017 objection deadline.

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