Sable Permian requests 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 22 – Sable Permian Resources, LLC is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

The debtors are asking the court to extend the exclusive plan filing period through Jan. 21 from Oct. 23 and the exclusive solicitation period through March 22 from Dec. 22.

Sable said it continues to negotiate in good faith with all of its key constituents in the hope of building consensus for a smooth and efficient plan confirmation process.

The debtors and some of its key constituents have exchanged settlement and plan-related proposals and have maintained ongoing discussions regarding the proposals, Sable added.

“The parties should be afforded an opportunity to continue these good-faith negotiations, aimed at obtaining an efficient and consensual Chapter 11 plan. Terminating the exclusive periods could have the opposite result, inviting disruptive and costly litigation,” the motions said.

Sable is a Houston-based oil and gas acquisition, development, and optimization company. The company filed bankruptcy on June 25 under Chapter 11 case number 20-33193.

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