International Shipholding filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 27, 2017 and April 28, 2017, respectively.
The motion explains, “After months of marketing and negotiations, the Debtors reached an agreement with the sponsor of the Plan regarding the terms of the Plan and the Sale process, which provides for, among other things, the payment of administrative and priority claims and all or substantially all secured claims. The Debtors have already filed both the Plan and the accompanying disclosure statement (the ‘Disclosure Statement’), and the Court has entered orders approving the Debtors’ entry into a restructuring support agreement (the ‘RSA’) with a plan sponsor in support of the Plan [ECF No. 376] and the launch of an auction process in connection with the Sale process [ECF No. 367].”
The motion continues, “The Debtors believe that allowing all interested parties, including the Debtors, to focus solely on the pending Plan and Disclosure Statement will allow parties to resolve any open concerns, thus increasing the likelihood of a smooth, consensual solicitation and confirmation process. Accordingly, and for all of the reasons set forth more fully herein, the Debtors submit that the Exclusive Periods should be extended as requested.”The Court scheduled a December 13, 2016 hearing to consider the motion.
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