Red River Waste seeks exclusivity extension to continue negotiations

By Sarah Lizee

Olympia, Wash., Jan. 18 – Red River Waste Solutions, LP is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Northern District of Texas.

Specifically, the company asked the court to extend the plan filing period through June 13 from Feb. 11 and the solicitation period through Aug. 10 from April 12.

The company, which has been in Chapter 11 for about three months, said it has settled several outstanding issues with its insurance providers and a municipality, and continues to work with other municipalities on other responsible, financially viable solutions.

In addition, the court recently approved the debtor’s employment of special counsel to investigate potential claims and causes of action the bankruptcy estate may hold against its pre-petition lender, MUFG Union Bank, NA.

Red River said the exclusivity extension will provide the debtor the opportunity to finalize negotiations with other key creditors, begin the investigations, and develop, file, and solicit a Chapter 11 plan that maximizes value for all stakeholders.

A hearing is scheduled for Feb. 9.

The Dripping Springs, Tex.-based waste management company filed bankruptcy on Oct. 14 under Chapter 11 case number 21-42423.

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