Venoco secures exclusivity extension following asset sale, lawsuit

By Caroline Salls

Pittsburgh, Sept. 20 – Venoco, LLC obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company’s exclusive filing period was extended through Dec. 13 from Aug. 15 and the solicitation period through Feb. 13 from Oct. 16.

“In light of the debtors’ significant progress made to date in these cases, and especially considering the extraordinary time commitments required to market and sell the debtors’ assets as well as to manage ongoing litigation with Beverly Hills, the debtors respectfully submit that additional time is reasonably necessary to allow the debtors to develop and propose a Chapter 11 plan or plans,” the motion said.

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

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