Optim Energy requests another four months to propose and solicit plan

By Kali Hays

New York, Jan. 14 – Optim Energy, LLC is seeking a third extension of its exclusive plan filing and solicitation periods, according to a Wednesday motion with the U.S. Bankruptcy Court for the District of Delaware.

Optim asked that its filing period be extended through June 9 from Feb. 9 and its solicitation period through Aug. 10, 2015 from April 10.

The company said that it has devoted “significant resources and efforts” to formulating potential “restructuring strategies,” which include the sale of its interests in two gas plants, and that it is evaluating buyer proposals.

The conclusion of the sales “will determine the final terms of any plan” Optim proposes, according to the motion.

In addition, obtaining an extension of the exclusive periods is a condition included in a possible extension of the company’s debtor-in-possession facility that is set to mature on Feb. 12.

A hearing to consider the extension is set for Feb. 4.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.