Abengoa Bioenergy US Holdings filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 21, 2016 and December 20, 2016, respectively.
The motion explains, “The Debtors are focused on the overall maximization of the value of their estates. The path of these chapter 11 cases will depend to the large extend on the level of interest that the Debtors’ assets garner as the marketing efforts continue. The Debtors are keeping all options on the table, including seeking authority to sell their assets pursuant to section 363 of the Bankruptcy Code, restructuring their operations, or implementing any combination thereof. An extension of the Exclusivity Periods will allow the Debtors to bring the marketing process to fruition and to develop and take all the necessary steps to implement the strategy that will result in the best outcome for all stakeholders of the Debtors.”
The Court scheduled a June 15, 2016 hearing to consider the extension motion. Read more oil & gas bankruptcy news.