Optim Energy sale and plan milestones extended, one director added

By Caroline Salls

Pittsburgh, April 15 - Optim Energy, LLC obtained an extension of asset sale and Chapter 11 plan confirmation milestones included in its debtor-in-possession financing agreement, according to an April 15 filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the milestones, the company must either enter a stalking horse bid agreement and file a bid procedures motion based on the agreement for the sale of its Twin Oaks assets or file a bid procedures motion for the sale of the assets without a stalking horse bid by June 12.

The bid procedures must be approved by the court by July 11. The sale must be approved by Aug. 12, and the company must deliver a draft plan and disclosure statement or an asset sale proposal to the lenders by the same date.

The plan and statement or alternative sale motion must be filed with the court by Oct. 10, and the plan must be confirmed and take effect or the alternative sale completed by Feb. 12, 2015, subject to an extension.

Optim said the majority lenders also consented to the addition of Joseph A. Bondi as a director of the company.

Optim, a Silver Spring, Md.-based power plant owner, filed bankruptcy on Feb. 12. The Chapter 11 case number is 14-10262.

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