Ciber filed with the U.S. Bankruptcy Court a second motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 5, 2018 and April 5, 2018, respectively.
The motion explains, “The Debtors are not seeking an extension of the Exclusive Periods to attempt to assert undue pressure on their creditors. Rather, the Debtors are seeking the requested extension in order to continue negotiations with the Committee and individual creditors in the hope that the Plan will be fully consensual. The Debtors believe that a consensual process without the threat of competing plans will maximize recoveries to stakeholders and provide for distributions as quickly as possible. Moreover, as noted, Holders of General Unsecured Claims have overwhelming voted in favor of the Plan. Accordingly, creditors are not prejudiced by the requested extension.”
The Court scheduled a November 28, 2017 hearing to consider the motion, with objections due by November 20, 2017.
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