The U.S. Bankruptcy Court approved Implant Sciences’ motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including May 1, 2017 and June 29, 2017, respectively.
The Court order notes that the extension was approved despite the official committee of equity security holders’ objections “to give the parties an opportunity to complete mediation.” As previously reported, “Termination of the Debtors’ Exclusive Periods would adversely impact the Debtors’ efforts to preserve and maximize the value of these estates and the progress of these Chapter 11 Cases.”
In addition, “In effect, if this Court were to deny the Debtors’ request for an extension of the Exclusive Periods, any party in interest would be free to propose a chapter 11 plan for the Debtors. Such a ruling would foster a chaotic environment with no central focus and likely cause substantial, if not irreparable, harm to the Debtors’ efforts to preserve and maximize the value of their estates.”
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