Sheridan seeks 180-day exclusivity extension following plan approval

By Caroline Salls

Pittsburgh, Dec. 26 – Sheridan Holding Co. II, LLC requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Dec. 24 with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, Sheridan is asking the court to extend its exclusive plan-filing period through July 13, 2020 from Jan. 13 and the solicitation period through Sept. 9, 2020.

As previously reported, the company’s plan of reorganization was confirmed in November.

However, Sheridan said it is still negotiating the necessary documentation for the plan to become effective, including finalizing the terms of exit facilities and a transition services agreement.

“While the debtors fully anticipate that the effective date will occur, the current exclusivity period – set to expire on Jan. 13, 2020 – could potentially expire prior to the plan becoming effective,” the motion said.

“Maintaining the status quo at this juncture is critical as the debtors and their stakeholders work toward consummating the plan.”

Houston-based Sheridan is an oil and natural gas investment fund that filed bankruptcy on Sept. 15 under Chapter 11 case number 19-35198.

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