Montco Offshore asks court to extend exclusive plan period to Dec. 13

By Caroline Salls

Pittsburgh, Oct. 13 – Montco Offshore, Inc. asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusive period for filing a Chapter 11 plan through Dec. 13 from Nov. 13, according to an emergency motion filed Monday.

The company also asked the court to extend its exclusive period for soliciting votes on a plan through Jan. 12 from Dec. 13.

As previously reported, the debtors filed Chapter 11 plans of reorganization and liquidation for Montco Offshore and Montco Oilfield Contractors, LLC on Sept. 26. The disclosure statement related to the plans was conditionally approved on Oct. 6, and the plan confirmation hearing is scheduled for Nov. 20.

Montco said it asked the court on Nov. 9 to continue the confirmation hearing to Nov. 20 from Nov. 13, pending ongoing discussions with its plan sponsor and pre-bankruptcy secured lenders and the official committee of unsecured creditors for its Chapter 11 cases.

In addition, the company said it may seek an additional continuance while those discussions with the key constituencies are ongoing.

“While the debtors have already filed the plan, the debtors believe that sufficient cause exists to further extend the exclusivity periods to ensure that no estate resources need to be shifted toward the review of (and potential objections to) a competing plan while the debtors continue discussions with key constituencies about confirmation of the debtors’ as-filed plan,” the motion said.

A hearing on approval of the exclusivity extension is scheduled for Nov. 20.

Houston-based Montco operates lift boats for the offshore energy industry. The company filed for bankruptcy on March 17, 2017 under Chapter 11 case number 17-31646.

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