Mahalo seeks exclusivity extension to evaluate plan alternatives

By Alice Popovici

New York, Sept. 8 - Mahalo Energy (USA) Inc. requested a one-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Oklahoma.

The company wants to extend its exclusive plan-filing period to Oct. 19 from Sept. 18 and the solicitation period to Dec. 18 from Nov. 17.

In the motion, Mahalo cited the size and complexity of its cases and said it has spent the last few months dealing with administrative tasks, negotiating with creditors and resolving contingencies. The company said it needs more time to evaluate restructuring alternatives and obtain input from lenders and the creditors committee before proposing a "thoughtful and feasible plan."

Mahalo Energy (USA) is a Tulsa, Okla.-based subsidiary of Calgary, Alta.-based junior unconventional natural gas producer Mahalo Energy Ltd. The subsidiary filed for bankruptcy on May 21, and its Chapter 11 case number is 09-80795.

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