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Approach Resources plan and asset sale milestones extended by lenders
By Caroline Salls
Pittsburgh, June 25 – Approach Resources, Inc.’s debtor-in-possession financing lenders have agreed to extend several Chapter 11 plan and asset sale milestones, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.
Under the extended milestones, Approach must file a plan by July 15, obtain court approval of the disclosure statement by July 22 and secure confirmation of the plan by Aug. 24.
The plan must take effect no later than Sept. 4.
In addition, the company is required to file a motion for approval of a sale of substantially all of its assets by July 15. To the extent the DIP financing agent elects to toggle to a sale transaction, Approach must obtain court approval of the sale by Aug. 21 and repay the DIP financing obligations in full in cash by Sept. 4.
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.
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