The U.S. Bankruptcy Court approved Magnum Hunter Resources’ motion to extend the exclusive period during which the Debtors can file a Chapter 11 plan and solicit acceptances thereof both through and including July 13, 2016 and September 13, 2016, respectively.
As previously reported, “The Debtors are poised to achieve a truly extraordinary result – full equitization of all of their approximately $1 billion in prepetition funded debt obligations and their $200 million debtor-in-possession financing facility. The Debtors are on pace to exit bankruptcy after fewer than five months, substantially debt free….Out of an abundance of caution, however, the Debtors seek an extension of the exclusivity period in which the Debtors may file and solicit acceptances of a chapter I 1 plan of reorganization. The Debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to finalizing the largely consensual and value-maximizing restructuring contemplated by the Plan. Extending the exclusivity periods will afford the Debtors and their stakeholder’s time to confirm the Plan, finalize the transactions contemplated by the Plan, and proceed toward emergence in an efficient, organized fashion.”
Read more bankrupt company news.