Triangle USA Petroleum granted precautionary exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 14 – Triangle USA Petroleum Corp. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Triangle USA’s exclusive plan-filing period was extended through March 16 from Jan. 15 and the solicitation period through May 15 from March 16.

As previously reported, the disclosure statement for the company’s proposed plan of reorganization was approved on Jan. 13.

“Although the debtors have filed the plan and are beginning the process of soliciting votes on the plan, the debtors seek to extend the plan period and solicitation period out of an abundance of caution,” the motion said.

Triangle USA is a Denver-based oil and gas exploration and production company that filed bankruptcy on June 30, 2016. The Chapter 11 case number is 16-11566.

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