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Perseon Extension Sought

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Perseon filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including November 21, 2016 and January 18, 2017, respectively.

The motion explains, “The Debtor requests an extension to allow for sufficient time to pursue confirmation of its already filed Plan. Since the Petition Date, the Debtor has been focusing its attention on the sale of its assets in order to obtain the maximum value for creditors. As stated above, consummating the sale of the Debtor’s assets to Scion, along with obtaining Court approval of this transaction, has monopolized the Debtor’s time to date. Following the closing of the sale transaction, the Debtor has focused its efforts on developing the Plan and now it will seek confirmation of the Plan to expeditiously distribute funds to the Debtor’s stakeholders. Accordingly, the requested extension is warranted.”

Read more Perseon bankruptcy news.

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