Rincon Island granted 90-day exclusivity extension amid negotiations

By Caroline Salls

Pittsburgh, Dec. 12 – Rincon Island LP obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

Specifically, Rincon’s exclusive plan-filing period was extended to March 6 from Dec. 6 and the solicitation period to May 8 from Feb. 6.

The company said it intends to begin the process of formulating a plan of reorganization soon after the issue of the assumption of its oil and gas leases is resolved by the court.

In addition, Rincon said its principal has been in negotiations with its secured creditor constituency, namely UBS, in connection with a variety of issues. The company said some of those issues will need to be resolved before a plan can be finalized.

“Terminating the exclusive periods would be unjust under the circumstances, given that the debtor is actively negotiating with UBS,” the motion said.

Rincon Island, a Santa Maria, Calif.-based oil and gas production company, filed bankruptcy on Aug. 8. The Chapter 11 case number is 16-33174.

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