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BJ Services’ combined plan and disclosure hearing moved to Oct. 29
By Sarah Lizee
Olympia, Wash., Oct. 9 – BJ Services, LLC’s combined hearing on confirmation of its joint Chapter 11 plan and final approval of the disclosure statement has been adjourned to Oct. 29 from Oct. 16, according to an order filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas.
According to an emergency motion filed Friday morning, on Aug. 21, the court entered an order approving the sale of some of the debtors’ fracking equipment and intellectual property as a going concern to TES Asset Acquisition, LLC.
In the fracking sale order, the court specifically reserved for later determination the allocation of the purchase price to the holders of liens or claims on the assets subject to the sale. A hearing on the allocation dispute was initially set for Sept. 22, and was subsequently reset on two separate occasions. The allocation hearing is currently set for Oct. 21.
“Resolution of the allocation dispute may materially impact confirmation of the debtors’ plan, including decisions by certain creditors regarding whether to vote to accept or reject the plan,” the motion said.
“Additionally, the debtors are currently engaged in discussions with their primary creditor constituencies regarding the potential resolution of other outstanding disputes that could materially impact plan confirmation.”
The debtors said the additional time would allow those discussions to continue and also to accommodate the continued allocation hearing in the event the parties are unable to consensually resolve the dispute.
BJ Services is a Tomball, Tex.-based provider of hydraulic fracturing and cementing services to upstream oil and gas companies. The company filed bankruptcy on July 20 under Chapter 11 case number 20-33627.
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