The U.S. Bankruptcy Court approved GreenHunter Resources’ motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 29, 2016 and October 28, 2016, respectively.
As previously reported, “Termination of exclusivity could be very disruptive to the Debtors’ efforts to develop a Chapter 11 Plan. At this time, the Debtors are in the middle of trying to resolve their issues with the secured creditors. Moreover, if exclusivity terminates and competing Chapter 11 Plans are filed, resources and energy will necessarily be diverted from negotiating a consensual Chapter 11 Plan to prosecuting and defending competing Chapter 11 Plans….At this point, the main issue in the case involves the lien of the Debtors’ prepetition secured creditor. If that issue can be resolved, then the Debtors will be able to file a liquidating plan, which would be beneficial to the unsecured creditors.”
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