Emerald Oil secures exclusivity extension, expects to file plan soon

By Caroline Salls

Pittsburgh, Nov. 1 – Emerald Oil, Inc. received a second extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Emerald’s exclusive filing period was extended by 120 days through Feb. 17 and the solicitation period by 150 days through April 18.

“The debtors have made substantial progress during these Chapter 11 cases, and while work remains to be done, the debtors expect to file a Chapter 11 plan in the immediate future,” the company said in the motion.

While it has selected the winning bid for substantially all of its assets, Emerald said it is working to resolve contingencies before the sale approval hearing and the closing date.

Based in Denver, Emerald Oil is an oil exploration and production company that filed for bankruptcy on March 22, 2016 under Chapter 11 case number 16-10704.

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