The U.S. Bankruptcy Court approved WestMountain Gold’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 26, 2017.
As previously reported, “The Debtors did file their Disclosure Statement on June 26, 2017. However, the setting of the hearing on the adequacy of the Disclosure Statement is not being held until August 29, 2017, the day after the exclusivity period with respect to gaining acceptance of a plan filed within the exclusive period expires. The Debtors are entitled to the benefit of an exclusive sixty-day period to gain acceptance of their Plan provided it is filed during the exclusive period. The Debtors will not obtain this Bankruptcy Code provided benefit unless the exclusive period of 180 days is extended for the ninety days requested.”
In addition, “Providing the Debtors with a ninety-day extension of section 1121(c)(3) pursuant to section 1121(d)(1) and (2)(B) is in the best interest of the Debtors and creditors of the estate since it will allow the Debtors an opportunity to resolve issues in the case with creditors, continue to reduce claims which is essential to the voting and distribution process, and negotiate the terms of the Plan.”
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