Approach Resources gets exclusivity extension to finalize negotiations

By Caroline Salls

Pittsburgh, Sept. 14 – Approach Resources, Inc. received a fourth 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.

Specifically, the company’s exclusive plan-filing period was extended through Sept. 28 and the solicitation period through Nov. 11.

According to the motion filed Aug. 14, 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.

As part of that process, the company said it is in the process of remarketing its assets and is negotiating with its secured lenders on a Chapter 11 plan that will allow it to move toward conclusion of its Chapter 11 cases.

The extension was requested to allow Approach to finalize those negotiations.

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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