Montco Offshore debtors withdraw plan; exclusivity termination sought

By Caroline Salls

Pittsburgh, Nov. 28 – Montco Offshore, Inc. and Montco Oilfield Contractors, LLC have withdrawn the Chapter 11 plan and related disclosure statement filed on Sept. 26, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As a result, the company said it will not move forward with the plan confirmation hearing scheduled for Nov. 29.

On Monday, Oceaneering International, Inc. asked the court to terminate Montco’s exclusive periods for filing and soliciting votes on a plan “to allow other parties in interest to file and seek confirmation of a Chapter 11 plan.”

Oceaneering said the Montco debtors are no longer seeking to confirm the previously filed plan and expect to file a liquidating plan for Montco Offshore.

“The debtors should not have the sole right to file a plan while at the same time selling all of the MOI’s assets through an auction,” the exclusivity termination motion said.

Houston-based Montco operates lift boats for the offshore energy industry. The company filed for bankruptcy on March 17 under Chapter 11 case number 17-31646.

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