Tekoil requests exclusivity extension to assess hurricane damage

By Caroline Salls

Pittsburgh, Sept. 18 - Tekoil & Gas Corp. requested an 82-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The company wants to extend its exclusive plan-filing period to Dec. 29 from Oct. 8 and the solicitation period to Feb. 25 from Dec. 8.

According to the motion, the company will need time to assess the damage related to Hurricane Ike and restore operations before it can formulate a plan.

Tekoil said the extension will also give it more time to evaluate potential claims.

Based in The Woodlands, Texas, Tekoil is an oil and natural gas exploration, development, acquisition and production company that filed for bankruptcy on June 10. The Chapter 11 case number is 08-80270.

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