EdgeMarc obtains third exclusivity extension to wind down business

By Caroline Salls

Pittsburgh, March 27 – EdgeMarc Energy Holdings, LLC received a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

EdgeMarc’s exclusive plan-filing period was extended to June 8 from March 10 and the solicitation period to Aug. 10 from May 11.

“The debtors have devoted substantial time and effort to pursuing a marketing process to maximize value for the debtors’ estates and finalizing the settlement,” the motion said.

“The complexity of concurrently negotiating various transactions has required a significant amount of time and energy from the debtors and their advisors.”

Following the court’s approval of its comprehensive settlement, EdgeMarc said it has been working with the official committee of unsecured creditors to formulate a plan of liquidation.

The company said the extensions will give it an opportunity to wind down the debtors’ business through the plan process “without the distraction, cost and delay of any competing plan process.”

EdgeMarc is a Canonsburg, Pa.-based natural gas exploration and production company that filed bankruptcy on May 15, 2019. The Chapter 11 case number is 19-11104.

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