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Sebring Software Extension Sought

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According to the U.S. Bankruptcy Court docket, Sebring Software filed an unopposed motion for extension of the exclusive plan filing and vote solicitation period and motion to continue a status conference.

The motion explains, “Throughout this case, the Debtors have focused their attention on issues critical to ongoing operations and viability of the Debtors’ reorganization, along with addressing disputes between and among the Debtors, MidMarket Capital Partners, LLC (‘MidMarket’), and Drs. Alan Shoopak and Dennis Buchman. Among other things, the Debtors significantly scaled back operations in Florida while marketing – and ultimately selling – their dental practices in Arizona. Now, the Debtors are in ongoing discussions with MidMarket to reach an agreement on a joint liquidation plan for the Debtors that would involve settlement of outstanding claims, pursuit of other litigation claims, and additional liquidation of assets. While an agreement appears imminent to the terms of a joint plan, the parties would like additional time to complete their discussions and complete drafting of the proposed joint plan.”

The motion continues, “Accordingly, the Debtors request the Court enter an order providing the following: (i) Continue the status conference for at least two weeks, to on or after May 5, 2016; (ii) Extend the deadline for filing of a plan and disclosure statement by the same two weeks, to and including no earlier than May 4, 2016….Enlarge the exclusivity period under 11 U.S.C. § 1121 by an additional 60 days.”

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