LaForta Gestao gets extension of exclusive plan, solicitation periods

By Sarah Lizee

Olympia, Wash., Oct. 27 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA secured an extension of its exclusive periods to file and solicit 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 court extended the plan filing period through Dec. 13 from Oct. 14 and the solicitation period through Feb. 12 from Dec. 14.

As previously reported, the debtor said the sale process to realize value for its primary asset, drilling rig La Muralla IV, is well under way, with a sale hearing scheduled for Nov. 15.

Concurrently, the debtor is developing a Chapter 11 plan that will distribute estate assets following closing of the sale.

At the time of filing the motion, the debtor said it expected to file a proposed combined plan and disclosure statement by no later than Oct. 6, and hoped to solicit votes by Nov. 17. However, no plan has been filed as of Thursday.

The company said that in “an abundance of caution,” it requested the relatively limited extension of the exclusivity periods in case more time became needed as the sale process progresses.

The Funchal, Portugal-based ultra-deepwater semi-submersible drilling rig owner is a wholly owned subsidiary of non-debtor Offshore Drilling Holding SA. It filed bankruptcy on June 16 under Chapter 11 case number 22-90126.

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