Approach Resources gets exclusivity extension following sale issues

By Caroline Salls

Pittsburgh, July 24 – 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 Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company’s exclusive plan-filing period was extended by 45 days through Aug. 14 and the solicitation period through Oct. 13.

According to the motion filed June 30, Approach’s asset sale efforts were delayed in April when buyer Alpine Energy Acquisitions, LLC refused to close the transaction.

After reaching a settlement under which the company will receive $22.13 million in satisfaction of its claims against Alpine, the motion said Approach and its secured lenders are working on a renewed path forward for the Chapter 11 cases.

“Based upon the progress in this case so far, and the anticipated significant cash infusion into the estates, the debtors submit that there is ample cause to further extend the debtors’ exclusive periods to file and solicit acceptances of a Chapter 11 plan,” the motion said.

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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