Vanguard Natural Resources filed with the U.S. Bankruptcy Court a motion to extend the exclusivity period for filing a Chapter 11 plan and disclosure statement and to solicit acceptances thereof, through and including August 15, 2017 and October 16, 2017, respectively.
Vanguard’s filing period and solicitation period will expire on June 1, 2017 and July 31, 2017, respectively. The extension motion explains, “To preserve Vanguard’s substantial progress in these chapter 11 cases, Vanguard seeks an extension of the exclusive period to file and solicit the Plan….In short, the first three months of these chapter 11 cases have been extremely busy and productive. While Vanguard is hopeful that, with the substantial progress made to date, the Plan will be confirmed within the 180-day exclusivity period provided for under the Bankruptcy Code, Vanguard requests an extension of the exclusive periods to file and solicit a chapter 11 plan in order to maintain the exclusive right to file a plan during the plan confirmation process and address any unforeseen obstacles that may arise.” The Court scheduled a May 19, 2017 hearing to consider the extension motion.
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