According to the U.S. Bankruptcy Court docket, Magnetation filed a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including May 30, 2016 and July 29, 2016, respectively.
The motion explains, “The Debtors seek these extensions to avoid the necessity of having to pursue confirmation of a plan of reorganization prematurely and to ensure that their plan of reorganization best addresses the interests of the Debtors and their employees, creditors and estates….Tangible progress has been made toward the Debtors’ goals of improving their capital structure and restructuring their business to address the difficulties posed by the current iron ore and steel markets.”
The motion continues, “The level of diligence and energy that the Debtors have brought to these chapter 11 cases is reflected by, with the exception of the assumption of the AK Steel Contract, the almost total absence of contested matters in these chapter 11 cases. However, given the complexity of the issues faced by the Debtors and the competitive and unpredictable environment in which the Debtors are operating, additional time is necessary to reach consensual and productive resolutions of all outstanding issues.”
The Court scheduled a March 15, 2016 hearing on the motion. Read more Magnetation bankruptcy news.
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