The U.S. Bankruptcy Court approved Constellation Enterprises’ motion to extend by 120 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 11, 2017 and March 13, 2017, respectively.
As previously reported, “One of the Debtors’ necessary steps towards exiting chapter 11 was to gain approval of and consummate one or more sales of substantially all of their assets….The Debtors have, thus far, been successful towards accomplishing that goal. Specifically, the Debtors conducted two successful Sales, one resulting in a going-concern sale of three of the Debtors’ operating businesses and the other being a liquidation of Columbus’ business after an auction that generated substantial value for the Debtors’ estates.”
Court-filed documents continue, “Moreover, the Debtors engaged in good faith negotiations with the Committee and the Ad Hoc Noteholder Group, which resulted in the Settlement and an agreement among those parties to reach consensus on a Resolution Mechanic for the Chapter 11 Cases. Accordingly, no one can dispute that the Debtors have made good faith progress towards exiting chapter 11.”
Read more bankrupt company news.