Midway Gold filed with the U.S. Bankruptcy Court a fifth motion to extend by 90 days the exclusive period during which the Company can solicit plan acceptances through and including January 15, 2017.
The motion explains, “Now that substantially all of the Debtors’ assets have been sold and the Debtors have filed their Amended Plan and Disclosure Statement, they are awaiting the Court’s ruling in the Adversary Proceeding, which will dictate the Debtors’ next steps. As such, Debtors require additional time to solicit acceptance of the Amended Plan. An extension of the Current Acceptance Exclusivity Period will not prejudice any creditor and is not being sought for purposes of delay or for any other improper purpose.”
The motion continues, “To the contrary, an extension will facilitate the reorganization process that is underway and enable continued discussions and negotiations on a consensual basis with all key parties and stakeholders while providing the Debtors with continued control over the plan confirmation process and related matters. Although the Debtors believe that they will be able to make additional progress with their restructuring efforts if the extension is granted, it is possible that further extensions of the Current Acceptance Exclusivity Period may be necessary or appropriate.”
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