Optim Energy wins extension of exclusive plan filing, voting periods

By Caroline Salls

Pittsburgh, Nov. 10 – Optim Energy, LLC obtained a second extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a Nov. 10 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended through Feb. 9 from Oct. 10 and the 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.

Optim said in the Oct. 9 motion that it expected 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.

Last week, the company’s debtor-in-possession credit agreement deadlines for filing of a plan of reorganization and disclosure statement or an asset sale procedures motion were extended to Nov. 14.

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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