Delta Petroleum requests 60-day exclusivity extension to protect sale of business

By Lisa Kerner

Charlotte, N.C., March 2 - Delta Petroleum Corp. requested a 60-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to June 12 from April 13 and the solicitation period to Aug. 12 from June 13.

A hearing on the matter is set for March 28.

The debtors' expect to conclude the sale of their business in late March. The extension would add "certainty and stability" to the sale process.

Without the extension, the debtors face the possibility of closing the sale with the successful bidder without the protection of the exclusivity period, the filing said.

Delta Petroleum, a Denver-based oil and gas exploration and development company, filed for bankruptcy on Dec. 15. The Chapter 11 case number is 11-14006.

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