Venoco granted exclusivity extension to develop plan of liquidation

By Caroline Salls

Pittsburgh, Jan. 5 – Venoco, LLC obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company’s exclusive filing period was extended through April 12 from Dec. 13 and the solicitation period through June 13 from Feb. 13.

Venoco said in its motion that it requested the exclusivity extension to develop and propose a plan of liquidation.

“The debtors plan to approach key creditors and other parties in interest to engage in good-faith mediation proceedings with such parties in an effort to maximize the potential value of these estates and develop a plan of liquidation providing a distribution to their creditors,” the motion said.

Venoco is a Denver-based energy company. The company filed bankruptcy on April 17, 2017 under Chapter 11 case number 17-10828.

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