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Montco Offshore secures 30-day exclusivity extension to finalize plan
By Caroline Salls
Pittsburgh, Sept. 14 – Montco Offshore, Inc. received a 30-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the Southern District of Texas.
Specifically, the company’s exclusive plan-filing period was extended through Oct. 13 from Sept. 13 and the solicitation period through Dec. 13 from Nov. 13.
Montco said its Chapter 11 cases involve the restructuring of pre-petition debt obligations, a multitude of stakeholders and a number of complex operational intricacies.
In addition, the company said its businesses are operating in a very uncertain commodity environment, making the restructuring even more complicated and challenging.
Despite these complexities, the Montco debtors said they “have been working tirelessly to formulate a plan under Chapter 11, and correlating disclosure statements, acceptable to each of the debtor’s stakeholders, creditors and the estates.”
In light of a recently approved sale process, the company said the direction of the Chapter 11 case will soon be determined. Montco said it is still negotiating plan terms based on its stalking horse bid, and it is negotiating terms with other interested parties, including the official committee of unsecured creditors for its cases.
“In short, while Montco Offshore, Inc. has worked diligently to finalize a proposed plan, this process is complex and requires additional time in order to address potential concerns of as many of the debtor’s key constituencies as possible,” the motion said.
Houston-based Montco operates lift boats for the offshore energy industry. The company filed bankruptcy on March 17 under Chapter 11 case number 17-31646.
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