The U.S. Bankruptcy Court approved Noranda Aluminum Holding’s second motion to extend the exclusive period, by 120 days, during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 5, 2016 and December 5, 2016, respectively.
As previously reported, “The Debtors seek such extensions to avoid the necessity of having to prematurely formulate a chapter 11 plan and to ensure that any such plan best addresses the interests of the Debtors and their employees, creditors and estates….Finally, during the first 120 days of these Chapter 11 Cases, the Debtors and their professionals have been working diligently on numerous additional chapter 11-related tasks, including (a) beginning the process of analyzing the Debtors’ leases and executory contracts to identify which are beneficial to the Debtors’ estates and should be assumed and which should be rejected, (b) engaging in negotiations with critical vendors and contract counterparties, and (c) finalizing and filing the Debtors’ schedules of assets, liabilities and executory contracts and unexpired leases, and their statements of financial affairs. Work, however, remains to be done before the Debtors are in a position to propose and confirm a realistic chapter 11 plan.”
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