Southland Royalty seeks further extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Feb. 22 – Southland Royalty Co. LLC is seeking a further extension of the exclusive periods to file a Chapter 11 plan and solicit votes, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through May 20 from Feb. 19 and the solicitation period through July 26 from April 26.

The company said it is seeking the extension while it waits for approval of its disclosure statement and authority to solicit the plan, which was filed on Feb. 16.

“Although the filing of the plan prevents the exclusive period from expiring, the current solicitation period will expire on the voting deadline for the plan, as currently proposed by the debtor,” the motion said.

“Accordingly, the debtor seeks to extend exclusivity out of an abundance of caution to ensure that the debtor and creditors do not experience complications and distractions from exclusivity expiring when the debtor is on the doorstep of confirmation.”

A hearing on both the exclusivity extension and approval of the disclosure statement is scheduled for March 23.

Fort Worth-based Southland is an upstream energy company. The company filed bankruptcy on Jan. 27, 2020 under Chapter 11 case number 20-10158.

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