According to the U.S. Bankruptcy Court docket, the Court approved Saratoga Resources’ third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 16, 2016 and May 16, 2016, respectively.
As previously reported, “As this Court is aware, the Debtors were involved in extensive litigation with respect to the Debtors’ use of cash collateral and corporate governance issues early in the case. On September 22, 2015, this Court entered the Final Cash Collateral Order [P-481], authorizing the Debtors’ use of cash which may be cash collateral to pay their operating expenses and all costs of administration through October 30, 2015, which has subsequently been extended by agreement of the Debtors and the Majority First Lien Noteholders. As part of the approval of the Final Cash Collateral Order, this Court ruled that the Debtors’ Independent Committee (the ‘IRC’), rather than senior management, is in charge of the Debtors’ restructuring. In light of that ruling, the Independent Committee on behalf of the Debtors has been focusing its attention on negotiating a settlement….Moreover, the Equity Committee will continue to have the ongoing right to seek to terminate exclusivity on an expedited basis upon the Debtor’s filing of a plan.”
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