AgFeed Industries filed with the U.S. Bankruptcy Court a third motion to extend the exclusive period during which the Company can file a plan and solicit acceptances thereof through and including April 21, 2014 and June 18, 2014, respectively. The motion explains, “Since the Petition Date, the Debtors have addressed a broad range of challenging issues. The Debtors, among other things, (i) closed two sales, including one for the stock of AgFeed BVI to a Chinese purchaser, (ii) successfully defended a motion to appoint an examiner, (iii) responded to discovery and negotiated a continuance of a motion to appoint a chapter 11 trustee, (iv) reached a settlement with AF Sellco regarding its claim, and (v) continued negotiations and/or discussions with several constituencies, including the Committees, the United States Trustee, the Securities and Exchange Commission, counsel to the pending class action lawsuit, the Debtors’ D&O insurers and various other creditors and parties in interest. The Debtors intend to use a further extension to achieve as much consensus as possible and begin the process of achieving plan confirmation….Termination of the Debtors’ Exclusive Periods would adversely impact the Debtors. If this Court were to deny the Debtors’ request for an extension of the Exclusive Periods, any party in interest would be free to propose a chapter 11 plan for the Debtors. Such a ruling would upset the delicate negotiating balance the Debtors have achieved and would foster a chaotic environment with no central focus and cause substantial, if not irreparable, harm to the Debtors’ efforts to preserve and maximize the value of their estates. Based upon the foregoing, the Debtors respectfully submit that cause exists to extend the Debtors’ Exclusive Periods pursuant to section 1121(d) of the Bankruptcy Code.” The Court scheduled a March 27, 2014 hearing to consider this motion.
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector--with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.