Optim Energy confirmation stay lifted, exclusivity extension granted

By Caroline Salls

Pittsburgh, Aug. 14 – The extended stay imposed on Optim Energy, LLC’s Chapter 11 plan confirmation order was lifted Friday by the U.S. Bankruptcy Court for the District of Delaware.

As a result of the vacated stay, the court said the plan confirmation order is immediately enforceable.

The court originally extended the automatic stay imposed by the Bankruptcy Code when it denied a motion for a longer stay of the confirmation order pending the outcome of an appeal.

Also on Friday, the court granted a motion for an extension of Optim’s exclusive plan-filing period to Aug. 12 and its exclusive solicitation period to Oct. 12.

The company originally requested the exclusivity extension in June, before the plan was confirmed, saying “to allow an alternate plan to be filed at this critical juncture would be time consuming, expensive and not in the best interests of actual creditors of these estates when there is a confirmable plan in place that will offer creditors near-to-full to full recoveries.”

On Thursday, Optim requested court approval of a plan support agreement designed to implement an unopposed plan of liquidation for Optim’s other debtors, resolve Blackstone’s appeal of the July 24 order confirming Optim Energy’s plan and resolve various claims brought by Blackstone.

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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