Optim looks for court approval on four-month exclusivity extension

By Kali Hays

New York, Oct. 9 – Optim Energy, LLC is seeking a second extension of its exclusive Chapter 11 plan filing and vote solicitation periods, according to an Oct. 9 motion with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that its exclusive filing period be extended through Feb 9 from Oct. 10 and its solicitation period through April 10 from Dec. 9.

According to the motion, Optim devoted “significant resources and efforts” to issues surrounding the proposed sale of its Twin Oaks power plant during its initial exclusivity extension.

As previously reported, the company cancelled an Aug. 7 sale hearing to approve the $126 million winning bid of Major Oak Power, LLC for the assets.

Optim now expects the sale to close by Oct. 14, allowing it to continue drafting a potential plan of reorganization.

The company also said that it has begun formulating potential restructuring strategies for its gas plan portfolio that include the possible sale of the portfolio to a sponsor of a reorganization plan, according to the motion.

A hearing is scheduled for Nov. 12.

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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