LaForta Gestao eyes extension of exclusive plan, solicitation periods

By Sarah Lizee

Olympia, Wash., Sept. 22 – LaForta Gestao e Investimentos Sociedade Unipessoal LDA is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the plan filing period through Dec. 13 from Oct. 14 and the solicitation period through Feb. 12 from Dec. 14.

The debtor said the sale process to realize value for its primary asset, drilling rig La Muralla IV, is well under way, with bids due Oct. 26 and a sale hearing scheduled for Nov. 15.

Concurrently, the debtor is developing a Chapter 11 plan that will distribute estate assets following closing of the sale.

The debtor said it expects to file a proposed combined plan and disclosure statement by no later than Oct. 6, and hopes to solicit votes by Nov. 17.

However, in “an abundance of caution,” the debtor said it is requesting a relatively limited extension of the exclusivity periods in case more time becomes needed as the sale process progresses.

The Funchal, Portugal-based ultra-deepwater semi-submersible drilling rig owner is a wholly owned subsidiary of non-debtor Offshore Drilling Holding SA. It filed bankruptcy on June 16 under Chapter 11 case number 22-90126.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.