The U.S. Bankruptcy Court issued an a revised order approving China Fishery Group’s third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 1, 2017 and January 22, 2018, respectively. The Debtors originally requested for an extension for December 30, 2017 and February 20, 2018, respectively.
As previously reported, “Cause exists for the Court to grant the requested extension of the Exclusive Periods. As stated, the Debtors are committed to achieving a comprehensive and viable restructuring transaction. Further, the Debtors believe that the extensions sought herein are crucial to the preservation of value of the Peruvian Fishmeal Operating Companies. These tasks are just beginning and much work remains. However, the Debtors firmly believe that their goals are achievable and submit that they should be afforded the time needed to purse these goals for the benefit of all stakeholders and avoid, if at all possible, the tumult, expense, and loss of value associated with scenarios involving extensive litigation, competing plans, or liquidation.”
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