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Triangle USA Petroleum Extension Approved

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The U.S. Bankruptcy Court issued an order approving Triangle USA Petroleum’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 15, 2017 and March 16, 2017, respectively.

As previously reported, “The Debtors need creditor support to confirm any plan, so they are in no position to impose or pressure their creditors as a whole to accept unwelcome plan terms. Moreover, the Cash Collateral Order prescribes a November 15, 2016 milestone to file a plan and a January 15, 2017 milestone for approval of a disclosure statement. Particularly in light of these milestones, there is little risk that the extension requested herein will unduly delay the resolution of these cases or permit the Debtors to leverage their exclusivity to demand acquiescence from unsupportive creditors.”

Court-filed documents continue, “To be sure, the Debtors intend to file a plan and disclosure statement by November 15, 2016, before this Motion is likely to be heard. Thus, by the time this Motion is heard, the Debtors very likely will have filed their proposed plan, in which case the Debtors will retain exclusivity until the Solicitation Period expires on December 26, 2016.”

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