SFX Entertainment filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 31, 2016 and December 30, 2016 respectively.
The motion explains, “Since filing the First Exclusivity Motion and the termination of the RSA, the Debtors focused their attention on crafting a Plan that will allow them to exit these Chapter 11 Cases. The Debtors drafted and filed the Disclosure Statement and Plan, which is scheduled to be heard on August 30, 2016. The Debtors have worked with and will continue to work with the DIP Lenders, U.S. Trustee, the Committee, and creditors in these Chapter 11 Cases on resolving open issues with the Disclosure Statement and Plan. This includes working with the Committee on providing them information and responding to their inquiries in connection with the Plan and the related valuation. Allowing the Exclusive Periods to terminate before plan negotiations have concluded would defeat the purpose of section 1121 of the Bankruptcy Code – to afford the Debtors a meaningful and reasonable opportunity to propose and confirm a consensual plan of reorganization.”
The Court scheduled a September 16, 2016 hearing to consider the motion, with objections due by September 9, 2016. Read more SFX bankruptcy news.
The post SFX Entertainment Extension Sought appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.