Saratoga Resources cash collateral and CRO hiring hearings postponed

By Caroline Salls

Pittsburgh, July 30 – Saratoga Resources, Inc. received court approval to continue its final cash collateral use hearing and the hearing on approval to hire a chief restructuring officer to Aug. 18 from Aug. 4, according to an order filed Thursday with the U.S. Bankruptcy Court for the Western District of Louisiana.

The company said the postponement will give the U.S. Trustee more time to appoint an official committee of equity security holders and allow that committee to organize, retain counsel and prepare for the hearings.

The extension will also give the company’s official committee of unsecured creditors additional time to retain counsel and prepare for the hearings and give the parties in interest in the Chapter 11 case time to address other issues.

Saratoga said its majority first-lien noteholders agreed to extend their deadline for obtaining a final cash collateral order until Aug. 18.

Saratoga Resources is an oil and natural gas exploration and production company based in Houston. The company filed for bankruptcy on June 18 under Chapter 11 case number 15-50748.

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