Gavilan Resources seeks to extend exclusive plan periods by 60 days

By Sarah Lizee

Olympia, Wash., Nov. 13 – Gavilan Resources, LLC is seeking a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday in the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period through Jan. 12 from Nov. 13 and the exclusive solicitation period through March 12 from Jan. 12.

Since the last extension of the debtors’ exclusive periods to file and solicit a Chapter 11 plan, Gavilan has filed a combined disclosure statement and plan of liquidation. The company is now soliciting votes to approve confirmation of the plan.

Gavilan said it is seeking the limited extension out of an abundance of caution to allow it time to confirm and implement a plan without the distraction of a competing plan, or, in the unlikely event that the plan is not confirmed, to afford the debtors additional time to negotiate the terms of and file an alternative plan.

Gavilan Resources is a Houston-based private company established in 2017 in partnership with Blackstone to acquire, develop and produce oil and natural gas assets in the Eagle Ford Shale play in South Texas. The company filed bankruptcy on May 15 under Chapter 11 case number 20-32656.

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