Premier Exhibitions’ ad hoc group of equity security holders filed with the U.S. Bankruptcy Court an objection to the Debtors’ motion to extend time for filing a Disclosure Statement.
The objection asserts, “The Debtors have had eighteen months of exclusivity to negotiate a consensual plan with their stakeholders, but have failed to do so. Rather than simply allowing exclusivity to expire, however, the Debtors chose to try to extend that period for an additional two months by filing the barest of chapter 11 plans at the buzzer – a plan that is neither confirmable on its face nor supported by the Debtors’ stakeholders. This shoestring plan merely lists classes in order of priority of payments. Adding insult to injury, the Debtors now ask this Court for an indefinite (retroactive) extension of time to file a disclosure statement and solicit the Plan. The Debtors’ DS Motion lacks any support.”
In addition, “The sole justification offered by the Debtors for the unprecedented relief they are seeking is the pendency of the Sale Motion, which has now been withdrawn. Therefore, the Debtors offer no basis for approving the DS Motion. Even if the Debtors contort to provide some basis for the DS Motion (which they have not), the DS Motion should still be denied because the requested extension is simply a bridge to nowhere – namely, the Debtors’ patently unconfirmable Plan.”
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