Emerald Oil granted exclusivity extension to finalize, confirm plan

By Caroline Salls

Pittsburgh, March 6 – Emerald Oil, Inc. received a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Emerald’s exclusive filing period was extended by 120 days through June 19 and the solicitation period by 120 days through Aug. 16.

As previously reported, the company filed a plan of liquidation and related disclosure statement in early January. The plan confirmation hearing is scheduled for March 22.

“The debtors believe that maintaining the exclusive right to file and solicit votes on a Chapter 11 plan is critical to consummating their Chapter 11 strategy,” the motion said.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to finalize and confirm their plan, finalize the transactions contemplated by the plan, and proceed toward liquidation in an efficient, organized fashion.”

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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