Ezra Holdings filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 13, 2017 and January 12, 2018, respectively.
The motion explains, “The Debtors intend to maintain speed and efficiency in these chapter 11 cases as they work to formulate a chapter 11 plan; however, the Debtors are mindful of the time required to continue to evaluate their assets, explore potential interest from investors, lenders and even acquirers, as well as to conduct an analysis of claims filed. Ezra Holdings’ primary assets relate to its interests in its various operating business divisions, each of which has its own complicated corporate and capital structures; the other Debtors’ assets relate primarily to supporting these affiliates and, as such, are intimately tied to such affiliates.”
In addition, “The Debtors have begun the process of evaluating all of these components to maximize value for their various stakeholders, but such an endeavor is inherently complex and time-consuming. The Debtors require sufficient time to consider plan structure alternatives and the financial implications of each so that the resulting plan serves the best interests of the Debtors and their creditors.”
The Court scheduled a July 31, 2017 hearing on the motion, with objections due by July 24, 2017.
Read more bankruptcy news.
The post Ezra Holdings Exclusivity Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.