Saratoga Resources secures approval of exclusivity extension

By Mark Reccek

Bethlehem, Pa., Dec. 29 – Saratoga Resources, Inc. received court approval to extend its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Western District of Louisiana.

The company’s exclusive filing period was extended to Feb. 15 and the solicitation period to April 15.

As previously reported, Saratoga said the extensions are necessary so its negotiations “will be free of the diversion and distraction that will accompany expensive litigation over ‘plan issues’ that might be avoided if the parties are allowed additional time to negotiate those issues.”

“Filing a plan at this time would create an impediment to negotiations, spur litigation and undermine the parties’ willingness to voluntarily share information and ideas,” a previous motion said.

Saratoga Resources is an oil and natural gas exploration and production company based in Houston. The company filed for bankruptcy on June 18 under Chapter 11 case number 15-50748.

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