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 March 13, 2018 and May 11, 2018 respectively.
The motion explains, “Going forward, 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. The Debtors continue to evaluate all of these components to maximize value for their various stakeholders, but such an endeavor is inherently complex and time-consuming.”
In addition, “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 Debtors thus seek a further extension of the Exclusive Periods so the Debtors, in consultation with their key constituents, can work to develop a viable chapter 11 plan.”
The Court scheduled a December 19, 2017 hearing to consider the motion, with objections due by December 12, 2017.
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