Delta Petroleum secures two-month extension of exclusive plan periods

By Caroline Salls

Pittsburgh, March 26 - Delta Petroleum Corp. received a 60-day extension of its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a March 26 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to June 12 from April 13 and the solicitation period to Aug. 12 from June 13.

According to the motion, the company expected to conclude the sale of its business in late March. The extension would add "certainty and stability" to the sale process.

As previously reported, the bid deadline, auction and sale hearing were extended last week, with the sale hearing now set for May 1.

Without the extension, Delta Petroleum said it faces the possibility of closing the sale with the successful bidder without the protection of the exclusivity period.

Delta Petroleum, a Denver-based oil and gas exploration and development company, filed for bankruptcy on Dec. 15. The Chapter 11 case number is 11-14006.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.