The U.S. Bankruptcy Court approved Quadrant 4 Systems’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 25, 2018 and March 26, 2018, respectively.
As previously reported, “The facts and circumstances of the Chapter 11 Case all show that cause exists to extend the Exclusivity Periods, primarily because the Debtor has not yet had an opportunity to focus on negotiating a successful Chapter 11 plan and prepare adequate information in support thereof. Since the Petition Date, the Debtor’s attention has been singularly focused on selling substantially all its assets – efforts that have paid off for its creditors by generating a large pool of money for its estate and for the benefit of both secured (e.g. paying down a large portion of the secured debt) and unsecured creditors (e.g. assumption and assignment of leases and executory contracts, and assumption of certain employee claims). Further, the Debtor’s ongoing efforts to sell the QHIX Healthcare Platform Business Unit include marketing and negotiations for distinct subparts of that Business Unit, and thus continue to occupy a majority of the Debtor’s focus.”
Court filed documents continue, “In addition to its successful and time-consuming sale efforts, the Debtor has worked closely with its secured lenders and the Committee throughout the Chapter 11 Case to obtain a consensus and cooperation among the key constituencies where possible. In the same vein, the Debtor has strived to address concerns and comments from the Office of the United States Trustee….In light of the foregoing and the fact that a relatively little amount of time has elapsed since the Petition Date given the size and complexities involved in the Chapter 11 Case, cause exists to extend the Exclusivity Periods.”
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