The U.S. Bankruptcy Court approved Dextera Surgical’s motion to extend the exclusivity period to file a plan and solicit acceptances thereof through and including July 9, 2018 and September 10, 2018, respectively.
As previously reported, “While the Debtor expects to file a proposed chapter 11 plan in the near future, because the General Bar Date is not until April 11, 2018, the Debtor needs additional time to complete an analysis of the claims filed before it can finalize a plan that best serves the Debtor’s estates and parties in interest. Having sufficient time to develop such a plan will ensure a smooth plan process, which will in turn enable the case to continue to progress in an efficient manner….The Debtor has conducted this Chapter 11 Case in a manner intended to maximize the recoveries of creditors and equity holders. In addition, the Debtor is not seeking this extension to prejudice parties in interest or otherwise pressure parties to submit to reorganization demands.”
In addition, “Instead, the Debtor seeks the requested extension so that it can maintain the status quo in this Chapter 11 Case while finalizing its plan of liquidation. Thus, because neither the Debtor’s creditors and equity holders nor any other party in interest will be prejudiced by the proposed extension of the Exclusive Periods, the relief requested should be approved. Lastly, although the Debtor plans to file a consensual chapter 11 plan within the extended Exclusive Filing Period, as a precautionary measure, the Debtor reserves the right to request further extensions of the Exclusive Periods for cause.”
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