Breitburn Energy Partners 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 30, 2017 and December 27, 2017, respectively.
The motion explains, “The Debtors are seeking a modest further extension of the Exclusive Periods at this critical juncture of their chapter 11 cases in furtherance of their commitment to serve as a fiduciary for their estates and continue to broker a consensual plan of reorganization among their various creditor constituencies that is in the best interests of their economic stakeholders. Since the Debtors last appeared before the Court, these cases have been marked by a high level of activity on many fronts.”
In addition, “The modest requested extensions of the Exclusive Periods are appropriate to complete negotiations with the Second Lien Group, the Ad Hoc Group of Noteholders and all other key constituents, and to maintain the current momentum of the plan process in accordance with the intent and purpose of section 1121 of the Bankruptcy Code. Terminating the Exclusive Periods at this stage would only serve to frustrate this process and promote undue and unnecessary litigation, to the detriment and prejudice of all parties in interest.”
The Court scheduled an October 12, 2017 hearing to consider the motion.
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