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GT Advanced Technologies Extension Approved

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According to the U.S. Bankruptcy Court docket, the Court approved GT Advanced Technologies’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 31, 2015 and October 30, 2015, respectively.

As previously reported, “The Debtors, the Committee…and certain key creditor constituencies have been engaged in around-the-clock negotiations regarding a consensual resolution of the intercompany issues. Resolution of the intercompany issues will allow the Debtors to move forward with an essential component of the Business Plan – the sale of ASF Furnaces without the constant distraction that intercompany issues have had on this process. In addition to the intercompany issues, the Debtors are also in the process of securing DIP financing…In light of the foregoing, although much has been accomplished and the finish line is beginning to become visible, the Debtors still have a number of key hurdles to clear before they can turn to plan formulation and confirmation.”

Read more GTAT bankruptcy news.