Optim creditor denied reconsideration of disclosure statement order

By Caroline Salls

Pittsburgh, July 28 – Optim Energy, LLC creditor Walnut Creek Mining Co.’s motion for reconsideration of the court order approving the disclosure statement for the company’s Chapter 11 plan was denied as moot Tuesday by the U.S. Bankruptcy Court for the District of Delaware, according to a court filing.

As previously reported, Walnut Creek said it was an oversight for Optim to include language in the disclosure statement order stating that if no holders of claims in a particular class vote to accept or reject the plan, the plan will be deemed accepted by claimants in that class.

Walnut Creek said it was publicly recognized that this was not the court’s ruling at either hearing on approval of the disclosure statement.

As a result, Walnut Creek asked the court to add a paragraph to a modified version of the disclosure statement order “clarifying what the parties all acknowledge to be true.”

Optim’s third amended plan was unanimously accepted by voting creditors, according to a notice filed June 29.

In addition, the company’s debtor-in-possession credit agreement deadline for obtaining confirmation of its plan was extended to Aug. 3 from July 28, Optim said in a separate Tuesday filing.

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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