The reorganization plan filed last week in U.S. Bankruptcy Court in Dallas is subject to bankruptcy-court approval. A hearing is set for Jan. 5.
"Jan. 5 is a key date. We are hoping creditors and everybody else working with us be able finalize the plan as it has been proposed," CEO Terry Ryan told IntraFish. "We were hoping it would be sooner, but the holidays make it a little bit more challenging in working with the courts, which are very busy now."
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