The U.S. Bankruptcy Court approved WestMountain Gold’s second motion to extend the exclusive period during which the Company can solicit plan acceptances through and including December 26, 2017.
As previously reported, “The Debtors have taken a number of actions in this case to further the reorganization and have moved diligently to reorganize with the filing of a Plan of Reorganization. The Debtors are currently soliciting acceptances for their Plan, however the hearing on confirmation of the Plan is not until December 19, 2017. 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.”
In addition, “The Debtors will not obtain this Bankruptcy Code provided benefit unless the exclusive period of 180 days is extended for the additional thirty days requested. Providing the Debtors with a thirty-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 work towards confirmation of the Plan.”
Read more WestMountain bankruptcy news.
The post WestMountain Gold Bankruptcy Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.