Diamond Offshore gets further extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 28 – Diamond Offshore Drilling Inc. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive plan-filing period was extended through Dec. 22 and the solicitation period through Feb. 22.

As previously reported, the company had received a shorter-than-requested extension of the exclusive plan periods on Sept. 18. While Diamond Offshore had requested an extension of the filing period by 120 days, the court extended the plan-filing period through Nov. 23 and the solicitation period through Jan. 21.

A status conference will be held on Oct. 20 to allow for an update on the progress made in the case.

“While the debtors have made significant progress to date on their restructuring efforts, additional work remains to be done,” the Aug. 21 extension motion said.

Diamond Offshore said it requested the extension so it may continue to discuss its business plan with stakeholders and resume negotiations with the goal of reaching a consensus on how best to resolve the Chapter 11 cases.

The offshore oil and gas drilling contractor is based in Houston. The company filed bankruptcy on April 26 under Chapter 11 case number 20-32307.

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