Optima Specialty Steel filed with the U.S. Bankruptcy Court a motion to extend by 120 days its exclusive periods to file a Chapter 11 plan and solicit acceptances thereof through and including July 13, 2017 and September 11, 2017, respectively.
The motion explains, “The requested extension of the Exclusive Periods is intended to afford the Debtors additional time to capitalize on their substantial progress to date in achieving their restructuring objectives, and not for any improper purpose.”
In addition, ‘Consistent with this intent, the requested extension of the Exclusive Filing Period to July 13th is effectively coterminous with the July 14th milestone in the Final DIP Order. The requested extensions will enable the Debtors to conclude their negotiations concerning the terms of a plan and select a plan sponsor, to prepare and file a chapter 11 plan, and to prosecute confirmation of that plan.”
The Court established April 28, 2017 as the final date by which interested parties must file objections to the motion.
Read more bankruptcy news.