The U.S. Bankruptcy Court approved Walter Energy’s third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 15, 2017 and March 15, 2017, respectively.
As previously reported, ” Although the Debtors have reached a number of key milestones in these Chapter 11 Cases – most notably the sale of most of their assets on a going concern basis, the Debtors require additional time in Chapter 11 to complete the transition of operations to the asset purchasers, and to finalize and implement a plan for the winding-up of these estates. If the Debtors’ exclusivity period terminates, any party in interest would be free to file a plan, which would divert the Debtors’ limited resources, at a substantial cost to the estates. Accordingly, the Debtors seek to retain exclusivity to ensure the smooth and efficient resolution of these large and complex Chapter 11 Cases.”
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