Buccaneer interim cash collateral use, confirmation deadline extended

By Kali Hays

New York, Aug. 1 – Buccaneer Resources, LLC’s interim use of cash collateral is extended through Aug. 12 under a Friday bridge order from the U.S. Bankruptcy Court for the Southern District of Texas.

The current interim cash collateral order is further amended to reflect an extension of Buccaneer’s deadline to confirm a Chapter 11 plan through Sept. 9, which is also the date of the plan confirmation hearing.

Buccaneer received conditional approval of an amended disclosure statement related to its plan of liquidation on July 25.

As previously reported, the company’s final hearing on further cash collateral use was pushed back until Aug. 12, along with the proposed bid procedures related to the sale of substantially all of its assets.

AIX Energy, LLC is the staking horse bidder with an offer of $58.48 million for the assets.

Buccaneer, a Houston-based oil and natural gas exploration and production company, filed for bankruptcy on May 30. It is a subsidiary of Buccaneer Energy Ltd., a Sydney, Australia, company focused on developing oil and gas assets in Alaska. The Chapter 11 case number is 14-60041.

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