According to a news release issued by Extraction, in addition to a subsequent article from the Denver Business Journal, the company has reorganized and is exiting bankruptcy. Missing from the announcement, as of the end of business on January 21, 2021, was a formal filing with the court showing this emergence from bankruptcy.
Broomfield Concerned anticipates that the reorganization plan, as referenced in the news release and the Denver Business Journal story, could become effective at any time and formally acknowledged through a bankruptcy court confirmation. Once the re-organization plan is effective, it is important for residents to know and understand that Extraction can continue operations, provided they have the money to do so.
The City and County of Broomfield has filed claims with the Delaware bankruptcy court; however, to date the court and Extraction have ignored all of these claims against Extraction’s past adherence to the Operator Agreement. Additionally, the court and Extraction have ignored the city and county’s efforts at discovery, which sought important information about the
company’s ability to operate safely, amongst other things.
We have no additional information about when Extraction may start operations again; however, once the reorganization is effective the Operator Agreement does require that Extraction give the city and county a minimum 30-day notice before starting new operations. It is our understanding that the city would plan to move the Boulder Air AQM (Air Quality Monitoring) Livingston station to the Northwest Pad area as well as shifting additional Ajax sensors back to the surrounding area if Extraction was to state their intent to begin operations at the Northwest Pad.
Broomfield Concerned will update residents as more information is available.