According to the U.S. Bankruptcy Court docket, Midway Gold filed a third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof by approximately 90 days through and including June 16, 2016 and August 18, 2016, respectively.
The motion explains, “Since the last extension motion was filed, the Debtors have, among other things: (i) settled a dispute with Eastern Nevada Land Coalition regarding a report required for compliance with environmental regulations; (ii) reviewed and analyzed the proofs of claim filed in these cases, filed several omnibus claim objections and engaged and communicated with various claimants with respect to such claim objections; (iii) filed monthly operating reports; (iv) extensively communicated with the Debtors’ pre-petition secured lenders and the Committee with respect to the Transaction Process and all significant matters in these cases; (v) engaged and communicated with vendors and contract and lease counterparties, including with respect to extensions to assume or reject such contracts and leases; and (vi) filed the Bid Procedures Motion and have otherwise made progress with the overall sale process. However, the Debtors are focused on their discussions and negotiations with potential Transaction Parties and moving the sale process forward and need additional time to formulate a plan. To that end, the Debtors have determined that a further extension of the Exclusivity Periods is necessary.”
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