Avaya filed with the U.S. Bankruptcy Court a motion to extend its exclusivity period by 120 days, seeking entry of an order extending the Debtors’ exclusive periods to file a Chapter 11 plan and solicit acceptances thereof through and including September 16, 2017 and November 15, 2017, respectively.
The motion explains, “The Debtors should be permitted to continue these negotiations and discussions, undistracted by competing plan proposals that may reset or alter the timeline and hinder the Debtors’ hard-earned progress. The Debtors believe that maintaining their exclusive right to file and solicit votes on a chapter 11 plan is critical to their ability to complete this process and achieve their remaining goals as efficiently and expeditiously as possible without the risk of the substantial additional costs and disruption that could follow an expiration of the Exclusivity Periods.”
In addition, “Accordingly, the Debtors request an extension of the Exclusivity Periods to allow the Debtors to continue to focus on finalizing the progress to date and to preclude the costly disruption that would occur if competing plans were to be proposed.” The Court scheduled an April 25, 2017 hearing to consider the extension motion.
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