Independent producer Forcenergy Inc. of Miami said itsbankruptcy reorganization plan was approved Oct. 22 by the UnitedStates Bankruptcy Court for the Eastern District of Louisiana. Aconfirmation hearing is scheduled for Dec. 13. On Nov. 16 thebankruptcy court extended the time period for which only thecompany has the exclusive right to file a plan of reorganization.No other plan has been submitted or can be submitted during thecompany’s exclusivity period.

The plan and ballots for voting to accept or reject the planhave been distributed to creditors and shareholders. The currentdeadline for voting requires ballots be received before 5 p.m. CSTNov. 30. Additional plan packages are available from Andrews &Kurth LLP and may be requested by fax at (713) 220-4285, Attention:Ali Gallegos.

Inability to find a buyer for its “high-quality” Gulf of Mexicoproperties pushed Forcenergy over the edge into Chapter 11bankruptcy in March (see Daily GPI March 25). “We had a lot ofinterest in [the properties] but no success in getting to closing,”Chairman Stig Wennerstrom said during a March conference call.”It’s a soft market. It’s a buyers’ market out there, and, by theway, these properties are not for sale anymore.”

Forcenergy, which has current production of about 200 MMcf/d ofgas and 22,000 barrels/d of oil and condensate, owes $315 millionfrom a $320 million credit facility as well as $50 to $60 millionof payables to vendors, some of which are overdue.

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