Sable Permian requests second extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 21 – Sable Permian Resources, LLC is seeking a second 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through April 22 from Jan. 21 and the solicitation period through June 21 from March 22.

The company said it should be afforded an opportunity to implement settlements reached with its official committee of unsecured creditors and its plan sponsor, and to continue good-faith negotiations with other parties in interest.

“The debtors request a brief extension of the exclusive periods not to pressure creditors, but to provide a sufficient, flexible window in which the debtors can obtain confirmation of the plan and implement the various transactions contemplated thereby, without the disruption and distraction created by competing plan proposals,” the company said.

Sable is a Houston-based oil and gas acquisition, development, and optimization company. The company filed bankruptcy on June 25, 2020 under Chapter 11 case number 20-33193.

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