Optim Energy granted extension of plan filing and solicitation periods

By Kali Hays

New York, Feb. 3 – Optim Energy, LLC won a third extension of its exclusive plan filing and solicitation periods with a Tuesday order from the U.S. Bankruptcy Court for the District of Delaware.

Optim’s filing period is extended through June 9 from Feb. 9 and its solicitation period through Aug. 10, 2015 from April 10.

As previously reported, the company said it has devoted “significant resources and efforts” to formulating potential “restructuring strategies,” which include the sale of its interests in two gas plants, and that it is evaluating buyer proposals.

The conclusion of the sales “will determine the final terms of any plan” Optim proposes, according to the motion.

In addition, obtaining an extension of the exclusive periods is a condition included in a possible extension of the company’s debtor-in-possession facility that is set to mature on Feb. 12.

Optim, a Silver Spring, Md.-based power plant owner, filed for bankruptcy on Feb. 12, 2014. The Chapter 11 case number is 14-10262.

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