OFS International secures 65-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Sept. 27 – OFS International, LLC received a 65-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the court extended the plan filing period through Nov. 30 from Sept. 28 and the solicitation period through Jan. 31, 2022 from Nov. 27.

The company said in its motion that the most important factor weighing in favor of extending the exclusivity periods is a settlement agreement with PAO TMK, its largest secured creditor and potentially largest unsecured creditor.

PAO had posted the debtors’ real property for foreclosure, which was the immediate cause of the filing of these cases, OFS said.

The company said it is confident that it will have term sheets in September on which a plan of reorganization can be drafted.

“Between the settlement agreement with PAO TMK and the marketing efforts to date, the debtors have shown the existence of good faith progress toward reorganization; demonstrated reasonable prospects for filing a viable plan; and made progress in negotiations with its creditors,” the company said.

The Houston-based company provides oil company tubular goods and services. The company filed bankruptcy on May 31 under Chapter 11 case number 21-31784.

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