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BioNitrogen Holdings Extension Sought

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BioNitrogen Holdings filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 24, 2016 and October 24, 2016, respectively.

The motion explains, “While the size of this case is not large, the intellectual property that is the primary asset in these cases is of a complex, scientific and technical nature, requiring technical expertise by Management in order to explore various investment opportunities with sophisticated strategic and financial investors who are familiar with so-called ‘clean-tech’ technology. Similarly, deep industry expertise is required by Teneo and its investment banking team for the same reasons.”

The motion continues, “Based on the Debtor’s explanation of efforts to date and the significant advances made to date, particularly as it relates to the City of Perry deal, the Debtor submits that its efforts thus far have been in good faith, and in the best interests of creditors to maximize value to the estate….The Debtor’s request for an extension of Exclusivity is not for purposes of delay, but out of the Debtor’s legitimate need for an extension of time in which to complete the investment banking process, then draft and file a confirmable plan and to resolve outstanding issues with creditors.” The Court scheduled a May, 24 2016 hearing to consider the motion.

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