Appvion filed with the U.S. Bankruptcy Court a motion to extend the exclusive period for the filing a Chapter 11 plan and solicitation of acceptances thereof through and including May 29, 2018 and July 27, 2018, respectively.
The motion explains, “The Debtors have continued in their negotiations with all key stakeholders since the Petition Date, with the expectation that they will bring forward a consensual plan almost immediately following the sale of their assets. Indeed, it would be imprudent and premature to formulate and file a liquidation plan before the Sale Process has been completed and the sale has been consummated. The Debtors will be in a better position to formulate a plan of liquidation and provide their creditors and the Committee with adequate financial information such that creditors may cast an informed vote on such plan once the sale has been consummated.”
In addition, “The Debtors are not seeking a further extension of exclusivity to delay the administration of these cases or to pressure creditors into acceding to a plan that they find unsatisfactory. Instead, the Debtors seek this further extension of exclusivity to ensure that the Debtors and their constituents have ample opportunity to complete the Sale Process and formulate and negotiate a plan beneficial to all constituencies and for the Debtors to garner the support of their creditors.”
The Court scheduled an April 26, 2018 hearing to consider the extension motion, with objections due by April 13, 2018.
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