LINN Energy gets four-month exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, Aug. 25 – LINN Energy, LLC received 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 Southern District of Texas.

The company’s exclusive filing period was extended through Jan. 16 from Sept. 8 and the solicitation period through March 17, 2017 from Nov. 7.

LINN said it will use the extra time to continue to negotiate with all stakeholders with the objective of reaching a consensual plan of reorganization.

“It is clear to the debtors that certain of their major stakeholders may disagree on core aspects of this case, and the debtors look forward to continuing to work with each stakeholder in an effort to make the process as consensual as possible,” the motion said.

LINN Energy, a Houston-based oil and gas company, filed bankruptcy on May 11. The Chapter 11 case number is 16-60040.

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