Quicksilver Resources granted exclusivity extension to complete sale

By Caroline Salls

Pittsburgh, Oct. 30 – Quicksilver Resources Inc. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended through Feb. 1 from Oct. 13 and the solicitation period through April 13 from Dec. 14.

Since its first exclusivity extension was granted, Quicksilver concluded that sufficient support for a consensual restructuring does not currently exist among their key stakeholders. As a result, while remaining open to a plan of reorganization, the company launched a process in mid-September to sell some or substantially all of its assets.

According to the motion, the sale process will not be completed until December at the earliest, and the time required to close on any approved sale “will extend well into early 2016.”

Quicksilver said the extension will allow it to complete the sale process, develop an appropriate mechanism for distributing sale proceeds, or, if appropriate, proceed with an alternative, including a consensual plan of reorganization.

Quicksilver is a Fort Worth-based independent oil and gas exploration and production company. The company filed for bankruptcy on March 17, 2015 under Chapter 11 case number 15-10585.

© 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.