Optim Energy gets more time to submit plan or sale proposal to lenders

By Caroline Salls

Pittsburgh, Oct. 2 – Optim Energy, LLC’s debtor-in-possession financing has been amended to extend the company’s deadline for submitting a draft plan of reorganization or sale proposal to the majority lenders to Oct. 10, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

In addition, Optim said the majority lenders have waived any default of the DIP credit agreement’s gross margin covenant for August until the earlier of Oct. 31 and the date of court approval of a gross margin covenant amendment.

Optim, a Silver Spring, Md.-based power plant owner, filed for bankruptcy on Feb. 12, 2014. The Chapter 11 case number is 14-10262.

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