Updating a previous post, the Court on November 14, 2013,
entered an Order denying the approval of the Debtor’s Second Amended Chapter 11
Plan and cancelling the hearing scheduled for November 22. The Court’s Order came in response to the Debtor
filing a Supplement to Second Amended Disclosure Statement (“Supplement”) on
November 13, 2013. Because the
Supplement added information and contemplated significant plan amendments, the
Court has directed the Debtor to file a Third Amended Chapter 11 Plan on or
before December 2, 2013. If the Debtor
files the new plan before November 21, a hearing will be held on December 12,
2013. Otherwise a hearing will be
scheduled after January 1, 2014.
The Debtor’s prior plan mainly involved a private sale of certain
of the Debtor’s oil and gas assets to an undisclosed private buyer, which was
to close as early as December 31, 2013, with a negotiated settlement payment on
RBS’s claim. If the private sale failed
to close, the Debtor’s prior plan then called for a public sale after the
appointment of a plan administrator. It is
anticipated that the Debtor’s new plan will extend the private sale closing
date into February 2014.
