EP Energy receives six-month exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, May 28 – EP Energy Corp. secured an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

EP Energy’s exclusive plan-filing period was extended by six months to Oct. 31 and the solicitation period to Dec. 31, 2020.

Since the court vacated a previous plan confirmation order, the company said it has already made substantial progress toward an alternative path out of Chapter 11 by developing a new business plan, holding discussions with key stakeholders regarding a new plan of reorganization and taking steps to reduce costs during these challenging economic conditions.

However, EP Energy said it needs more time to negotiate and prosecute a new Chapter 11 plan.

The oil and natural gas exploration and production company is based in Houston. The company filed bankruptcy on Oct. 3, 2019 under Chapter 11 case number 19-35654.

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