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Novation Exclusivity Extension Sought

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Novation Companies filed with the U.S. Bankruptcy Court a third motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 30, 2017 and November 30, 2017, respectively.

The motion explains, “The Debtors have been operating under the protections of chapter 11 for approximately eleven (11) months. The Plan of Novation has been approved, but as of this date, the Debtors cannot determine if there will be an Effective Date of the Plan. If there is an Effective Date the relief requested herein with respect to Novation will be moot and no such relief will be sought with respect to Novation. In any event however, the relief sought herein with respect to the remaining Debtors will be necessary.”

In addition, “The Debtors also have significant NOL’s, in excess of $700 million, which the Debtors have been focused on preserving. Moreover, the Plan provides for the consummation of the HCS Transaction, which will facilitate the emergence of all of the Debtors from these bankruptcy proceedings….As the Court has just entered an order sustaining Deutsche Bank’s objection to the 9019 Motion, the Debtors were not able to file this Motion until this date. Therefore, cause exists to granting this Motion nunc pro tunc to June 27, 2017.”

Read more Novation bankruptcy news.

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