Lockwood International filed with the U.S. Bankruptcy Court a motion to extend the exclusivity period for filing a plan and soliciting acceptances thereof through and including August 31, 2018 and November 2, 2018, respectively.
The motion explains, “Currently, the Filing Exclusivity Period will expire on May 18, 2018 for the January 18 Debtors and May 24, 2018 for the January 24 Debtors. The Solicitation Exclusivity Period is currently set to expire on July 17, 2018 for the January 18 Debtors and July 23, 2018 for the January 24 Debtors….This request for an extension of the Exclusivity Periods is the Debtors’ first and will result in an extension of approximately 90 days. Courts routinely grant a debtor’s request for an initial exclusivity extension.”
In addition, “Moreover, the Debtors, the Committee and the Debtors’ pre and post-petition lenders have agreed to milestones for the filing and approval of a disclosure statement and confirmation of a chapter 11 plan. To facilitate the agreed-upon timeline and to allow the Debtors the necessary time to navigate complex issues and constituent negotiations, and extension of the Exclusivity Periods is appropriate.”
The Court scheduled a May 21, 2018 hearing to consider the extension motion.
Read more bankruptcy news.
The post Lockwood Bankruptcy Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.