A federal bankruptcy court has approved a reorganization plan for Buccaneer Energy Ltd., which allows the bankrupt company to move toward a vote in December.
Creditors now have until Dec. 2 to approve or reject the plan or to formally object to it.
If all proceeds as planned, Buccaneer would have until Dec. 5 to report on the results of the vote. The court has scheduled a hearing for Dec. 8 to potentially finalize the plan.
Additionally, on Nov. 7, Buccaneer closed on a sale of its Cook Inlet assets to AIX Energy LLC, its largest creditor, according to a filing from Buccaneer's lawyers.
The sale price was $44 million in the form of credits owed by Buccaneer.