Approach Resources requests extension to close sale, finalize plan

By Caroline Salls

Pittsburgh, March 17 – Approach Resources, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend its exclusive plan-filing period by 45 days through May 1 and the solicitation period through June 30.

According to the motion, Approach is working to close the sale of substantially all of its assets to Alpine Energy Acquisitions, LLC and its affiliates and to finalize the terms of a plan of liquidation and accompanying disclosure statement, which will determine the distribution of the remaining proceeds of that sale.

While it has made significant progress in formulating the plan, the company said it needs more time to finalize the plan in consultation with its lenders.

A hearing is scheduled for April 8.

Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18 under Chapter 11 case number 19-36444.

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