The U.S. Bankruptcy Court approved Multimedia Platforms motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 2, 2017 and June 1, 2017 respectively.
As previously reported, “These cases have been pending for less than 120 days and progress has been made, as evidenced by filing the 9019 Motion. Additional time is required in an effort to determine whether a viable plan of reorganization may be negotiated.”
In addition, “Again, the 9019 Motion has been filed in an effort to obtain approval of a comprehensive settlement agreement. The negotiations leading to the filing of the 9019 Motion were complex and protracted. The Debtors submit that good-faith progress has been made.”
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