The U.S. Bankruptcy Court approved Premier Exhibitions’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 10, 2017.
As previously reported, “Under the circumstances of these cases, a premature termination of exclusivity would deny the Debtors a meaningful opportunity to negotiate and propose a confirmable plan and would be antithetical to the paramount objectives of Chapter 11. Termination of exclusivity at this point in time could have the undesirable effect of encouraging the development of competing multiple plans that could lead to unwarranted confrontations, litigation, and administrative expenses. Moreover, given the current posture of these case and unresolved issues, it would be premature and counterproductive for any nondebtor party in interest to initiate the plan proposal process.”
Court-filed documents continue, “Instead, the requested extension will increase the likelihood of a consensual resolution of these cases that preserves value much more than would a plan filed at this time – or than would a creditor-initiated plan lacking the necessary information, foundation, and support. The requested extension of exclusivity will not prejudice the legitimate interest of any creditor or other party in interest. To the contrary, the proposed extension will advance the Debtors’ efforts to further the reconciliation process, obtain information and answers, preserve value, and avoid unnecessary and wasteful motion practice.”
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