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Optima Specialty Steel Effective Date Status Updated

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Optima Specialty Steel filed with the U.S. Bankruptcy Court a notice of status of effective date under the Company’s Second Amended Joint Chapter 11 Plan of Reorganization and a request for a hearing to provide a status report to the Court.

The notice states, “The Effective Date of the Plan was due to occur on or before August 31, 2017, unless the Court orders otherwise….[T]he Effective Date did not occur on or before August 31, 2017; and…on August 31, 2017 the Debtors served a notice of termination of the Plan Support Agreement on OA and reserved all of their rights thereunder….[T]he Debtors are actively engaged with certain of their stakeholders to modify the Plan and other documents, as may be necessary or appropriate, in order to maximize value of the Debtors’ estates and consummate a plan of reorganization as soon as practicable and in an efficient manner.”

In addition, “The Debtors Respectfully Request That, pursuant to section 105(d)(1) of the Bankruptcy Code, the Court, at its convenience, schedule a status hearing for these Chapter 11 Cases during the week of September 11, 2017.” The Court confirmed the Company’s Second Amended Joint Chapter 11 Plan of Reorganization on June 29, 2017.

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