Linc gets exclusivity extension to focus on plan after sale process

By Caroline Salls

Pittsburgh, Nov. 23 – Linc USA GP received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The company’s exclusive filing period was extended to Dec. 26 from Sept. 26 and the solicitation period to Feb. 24 from Nov. 25.

The company said it has been dedicated to administering its case and conducting a successful marketing and sale process for three sets of assets to three different buyers.

In addition, Linc said it is making progress toward developing a Chapter 11 plan, and it has been working closely with pre-bankruptcy lenders and the official committee of unsecured creditors to negotiate the key terms of a consensual plan.

“The debtors seek this extension such that the debtors can have adequate time to devote resources to developing a plan that will benefit all creditors and interest holders,” the motion said.

Linc Energy is a Brisbane, Australia-based energy producer with a commodity portfolio including oil, gas, shale and coal. Its U.S. subsidiaries filed for bankruptcy on May 19, 2016 under Chapter 11 case number 16-32689.

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