Appvion filed with the U.S. Bankruptcy Court a motion to extend exclusivity period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 30, 2018 and May 29, 2018, respectively.
The motion explains, “The Exclusive Filing Period and the Exclusive Solicitation Period are currently set to expire on January 29, 2018 and March 30, 2018, respectively…This is the Debtors’ first request for an extension of exclusivity. The Debtors are poised to formulate a plan of reorganization and, indeed, have already begun consulting with their key constituents to bring these chapter 11 cases to a swift and efficient conclusion. The Debtors believe that the requested extension will allow them sufficient time to propose and negotiate a consensual plan of reorganization in these chapter 11 cases.”
The motion continues, “In addition, the Debtors are in the process of reviewing each of their hundreds of executory contracts and relationships with countless other trade vendors, to determine how they will be treated as part of the reorganization and post-emergence process. Also, recognizing the critical importance of the Debtors’ employees to a successful restructuring, steps are being taken to begin discussion with the United Steelworkers Union regarding how best to address issues under the collective bargaining agreements in the reorganization process. Successful completion of this work, and of countless other work streams in progress requires an extension of the Exclusivity Periods.”
The Court scheduled a January 23, 2018 hearing to consider the extension motion, with objections due by January 10, 2018.
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