Approach Resources gets exclusivity extension amid issues with buyer

By Caroline Salls

Pittsburgh, May 28 – Approach Resources, Inc. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company’s exclusive plan-filing period was extended by 60 days through June 30 and the solicitation period through Aug. 29.

According to the motion filed May 1, although Approach obtained approval of an asset sale and was prepared to close on April 2, those efforts were temporarily delayed when buyer Alpine Energy Acquisitions, LLC “reneged on the sale without legal justification.”

As a result, the company said it is currently prosecuting a motion to compel the buyer to comply with the sale order, and the structure of any plan of reorganization will depend on the outcome of that motion.

Approach Resources is a Fort Worth-based oil and gas company. The company filed bankruptcy on Nov. 18, 2019 under Chapter 11 case number 19-36444.

© 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.