Luca International requests approval to extend exclusivity period

By Mark Reccek

Bethlehem, Pa., Nov. 24 – Luca International Group LLC sought court approval to extend its exclusive periods for filing a Chapter 11 plan of reorganization and soliciting votes on the plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company is requesting to extend its exclusive filing period through March 3 from Dec. 4. It has also requested an additional 60 days after March 3 to obtain confirmation of the plan.

Luca said the extension is warranted as it is currently conducting a sale process for the assets. Also, an auction is scheduled for Dec. 16, which might require the company to develop a plan of reorganization.

“The debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to their ability to complete the sale process and achieve their remaining goals in these cases as efficiently and expeditiously as possible. Moreover, from an informational standpoint, the debtors have not and will not be in a position to formulate a plan until conclusion of the sale process and after all proofs of claim and interest are filed whereas the outcome of which will necessarily serve as the starting point for any plan proposed in these Chapter 11 cases,” the motion said.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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