While being approved, the EC hasn't been formed yet as they have to go thru the people who want to be on it. At that time, the EC would then hire counsel, but obviously Bienenstock and S&G would want to represent EC based on their work thus far, and that tells you what they think as far as the chances being good for a recovery.
My guess is the answer would be B) as the best option, but would add that it could be a complete sale to one or a complete sale via liquidation to several entities.
A) I think is unlikely because a reorg doesnt seem to bring in max value and while the unsecured creditors filed in their brief that they want to see the Permian assets sold, it wouldn't solve the debtors other problems.
C)is opposite of what I think will happen. The unsecured creditors don't want 6 more months granted. They are asking that to be denied, and if there is an extension, for it to be only 45 days. I would think the EC would also be on board with that, rather than give the debtors 6 more months to dick around. They have offered nothing yet so there isn't a lot of faith in giving them more time to do so. We will see what the judge has to say about that though.
All those are just guesses on my end, not gospel.
