Cox Oil asks for exclusivity extension as sale process continues

By Sarah Lizee

Olympia, Wash., Sept. 7 – Cox Oil Offshore, LLC is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period by 90 days through Dec. 11 and the exclusive solicitation period by 90 days through Feb. 8.

In June, the court entered an order approving bid procedures for potential transactions, including potential asset sales. An auction was held on Aug. 16, and several successful bidders were named for material portions of the debtors’ assets.

The sale hearings have not occurred yet, however.

The company said it is continuing to evaluate its options with respect to some of the assets that weren’t bid on at auction.

The debtors also have to complete their analysis of about $177 million in asserted mineral and maritime liens to determine both validity and priority as compared to the debtors’ funded debt.

“Allowing those events and analyses to conclude is necessary for any party to craft a workable, bankruptcy code-compliant, and value-maximizing plan and conclusion for the Chapter 11 cases,” the company said in the motion.

The Dallas-based drilling company filed bankruptcy on May 14 under Chapter 11 case number 23-90324.

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