Maxus Energy gets OK of shorter-than-requested exclusivity extension

By Caroline Salls

Pittsburgh, Oct. 21 – Maxus Energy Corp. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended through Dec. 19 and the solicitation period through Feb. 17.

Maxus originally asked the court to extend the exclusive periods through Feb. 28 and April 28, 2017, respectively. However, Occidental Chemical Corp. and the official committee of unsecured creditors for Maxus’ bankruptcy case objected.

According to Thursday’s order, the company, committee and Occidental can agree to a further 30-day extension without any further court order.

Because it has been focusing on complying with environmental remediation obligations, seeking approval of a settlement with YPF SA, prosecuting potentially valuable litigations and working with their creditors to develop a strategy to facilitate the company’s emergence from Chapter 11, Maxus said in the motion that it has not yet had enough time to formulate a Chapter 11 plan.

Maxus is a Houston-based subsidiary of YPF, SA, a Buenos Aires petroleum and natural gas company. Maxus filed bankruptcy on June 17 under Chapter 11 case number 16-11501.

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