Sheehan Pipe Line Construction exclusive periods extended by court

By Caroline Salls

Pittsburgh, Aug. 26 – Sheehan Pipe Line Construction Co. obtained court approval to extend the exclusive periods to file and solicit votes on its Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Oklahoma.

The company will have until Sept. 14 to file its plan and until Nov. 14 to solicit votes on it, extended from Aug. 15 and Sept. 15, respectively.

“In the time since its filing, the debtor has been dealing nonstop with successful efforts to sell its equipment pursuant to a court-supervised auction and related matters,” said the motion.

“In addition, the debtor has been litigating with Zurich American Insurance Co. and Fidelity & Deposit Co. of Maryland on critical matters concerning use of cash collateral and the scope, extent and priority of its security interests and liens in the debtor’s assets. The ability to formulate and submit a plan during this period of time has been rendered difficult under these circumstances.”

Sheehan, a Tulsa, Okla.-based pipeline construction company, filed for bankruptcy on April 15. The Chapter 11 case number is 16-10678.

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