Oakridge Holdings filed with the U.S. Bankruptcy Court a renewed motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof, both through and including March 18, 2018.
The motion explains, “The Debtors have made significant progress towards reorganization. They have obtained crucial post-petition financing to begin working on the backlog of orders accumulated when their bank financing dried up and Stinar was not able to buy parts and other inventory to allow them to complete the work they they accumulated. There is significant progress being made towards bringing Stinar back to life as can be seen by the monthly financials which show increases in sales. The Debtors are paying all of its bills on time, including its US Trustee quarterly fees, have successfully negotiated two cash collateral agreements with its primary lender and have had the Small Business Administration put the case on inactive status after conducting an on-site inspection.”
In addition, “The debtor has recently provided counsel with an outline for a plan of reorganization. The drafting process has begun on the plan and a plan will be filed shortly. As to Oakridge, all funds needed to pay creditors will come from Stinar and therefore the ability to organize Oakridge (a liquidating plan is likely) cannot be prepared until the Stinar plan is prepared….Therefore, the debtors seek an additional 60 days of exclusivity, nunc pro tunc to January 18, 2018 (that is, until March 18, 2018) to allow the vetting of the plans of reorganization with the SEC and to make any changes necessary to cure any of the SEC’s objections, pre-filing.”
The Court scheduled a February 28, 2018 hearing to consider the motion.
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