The U.S. Bankruptcy Court approved Rural/Metro’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 31, 2014 and April 1, 2014, respectively. As previously reported, “A hearing to consider the Debtors’ proposed plan of reorganization has been scheduled for December 17, 2013, however, the Debtors’ Exclusive Filing Period is currently set to expire on December 2, 2013. Therefore, in an abundance of caution, the Debtors’ request that the Court extend the Exclusive Periods in order to preserve the Debtors’ exclusivity through confirmation and effectiveness and to maximize the likelihood of emergence in the near term with minimum distractions….Termination of the Debtors’ Exclusive Periods would adversely impact the Debtors’ efforts to realize a successful reorganization and the progress of these chapter 11 cases. If this Court were to deny the Debtors’ request for an extension of the Exclusive Periods, any party in interest would then be free to propose a plan for each of the sixty-six Debtors. Such a ruling would foster a chaotic environment with no central focus, and may cause substantial harm to the Debtors’ efforts to effect their reorganization. At this point in the cases, the Debtors are soliciting votes on a plan that is supported by all major creditor constituencies and believe they will receive the necessary votes for approval at the hearing on December 17, 2013. Accordingly, the Debtors should be granted sufficient time to complete their own plan process and their Exclusive Periods should be extended.”
About Kerry Mastroianni
Kerry Mastroianni, the editor of The Distressed Company Alert, has been researching distressed and bankrupt companies for over 18 years. As a 10-year employee of New Generation Research, she is also a data editor for Bankruptcy Week and the editor for our annual Bankruptcy Yearbook & Almanac. Prior to Kerry’s employment at NGR, she worked for eight years as a research analyst for KPMG’s corporate recovery practice.