Magnum Hunter eyes precautionary extension of exclusive plan periods

By Caroline Salls

Pittsburgh, March 24 – Magnum Hunter Resources Corp. requested a three-month extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Magnum Hunter wants to extend its exclusive filing period through July 13 and the solicitation period through Sept. 13.

As previously reported, Magnum Hunter filed a pre-packaged plan of reorganization when it filed for bankruptcy in December. The disclosure statement for the plan was approved last month, and the plan confirmation hearing is scheduled for March 31.

However, the company said it is requesting an exclusivity extension “out of an abundance of caution.”

“The debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to finalizing the largely consensual and value-maximizing restructuring contemplated by the plan,” the motion said.

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

“Given the broad support for the plan, allowing minority stakeholders to propose a competing plan of reorganization would not add any value to these Chapter 11 cases.”

A hearing is scheduled for April 13.

Based in Irving, Texas, Magnum Hunter is an oil and gas exploration company. It filed for Chapter 11 relief on Dec. 15 under case number 15-12533.

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