The U.S. Bankruptcy Court issued an order approving NephroGenex’s 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 December 26, 2016 and February 24, 2017, respectively.
As previously reported, “The Plan Period is set to expire on August 28, 2016, and the Solicitation Period is set to expire on October 27, 2016….The extensions requested in the Motion will provide the Debtor the opportunity to complete its sale process and negotiate, file and solicit a chapter 11 plan for the distribution of assets to creditors.”
Court-filed documents continue, “Importantly, the Debtor and its advisors continue to engage with potential purchasers, with the goal of seeking approval of sale and bidding procedures during the coming month. In light of the foregoing, the Debtor submits that its demonstrated progress to date provides ample cause to extend the Exclusive Periods.”
Read more bankruptcy news.
The post NephroGenex Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.