Quicksilver seeks exclusivity extension, reaches deal on plan terms

By Caroline Salls

Pittsburgh, May 17 – Quicksilver Resources, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period for 60 days through Aug. 20 and the solicitation period through Sept. 10.

Quicksilver said it is seeking a fourth extension of the exclusive periods “to fully effect an orderly, value-maximizing wind down” of its estates.

“The debtors are preparing, and expect, to file a joint Chapter 11 plan of liquidation imminently,” the motion said.

The company said it has reached an agreement with its key stakeholders on the terms of the plan, which provides for the payment of administrative and priority claims, the distribution of between $17.5 and $25 million to general unsecured creditors and the distribution of the debtors’ remaining assets to the second-lien debtholders.

“The debtors believe that, by taking the additional time necessary to gain the consensus and support of these creditors with respect to the plan documents, the likelihood of a smooth, consensual solicitation and confirmation process will be substantially increased,” the motion said.

A hearing is scheduled for June 21.

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

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