The U.S. Bankruptcy Court approved Implant Sciences’ third motion for entry of an order extending by 60 days the exclusive periods for filing of a Chapter 11 plan and soliciting acceptances thereof through and including August 29, 2017 and October 27, 2017, respectively.
As previously reported, “The Debtors filed the Initial Plan and Initial Disclosure Statement less than 10 days after the Court approve the Settlement Agreement at the April 27th hearing. Likewise, the Debtors engaged in extensive negotiations with the Equity Committee regarding the terms and structure of the Debtors’ exit from chapter 11 through the terms of a chapter 11 plan.”
In addition, “Those negotiations resulted in the filing of the Plan (supported by the Equity Committee) and Disclosure Statement with a hearing to consider confirmation of the Plan scheduled for August 3, 2017. Therefore, in light of the fact that these Chapter 11 Cases have been pending for approximately eight months, the complexity and duration factors weigh in favor of allowing the Debtors to extend the Exclusive Periods.”
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