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Novation Companies Extension Sought

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Novation Companies filed with the U.S. Bankruptcy Court a motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 15, 2017 and April 17, 2017, respectively.

The motion explains, “With the extension sought, Debtors are optimistic their progress will continue toward more visibility on an exit transaction, and perhaps a binding agreement(s) with one or more opportunities. Accordingly, there is more than sufficient basis to support an extension of the Exclusive Periods. The Debtors have also made significant progress furthering their estates protections under insurance policies relating to the RMBS litigation. For several months, the Debtors insurance carriers refused coverage for two of the three cases.”

The motion continues, “The Debtors are not seeking the extension to delay administration of the chapter 11 Cases or to exert pressure on their creditors. To the contrary, the Debtors’ request an extension to continue the orderly, efficient and cost-effective process of establishing a plan of reorganization without rush. Moreover, this is only the first requested extension of exclusivity in these cases….Denying the relief requested herein could critically impair the Debtors’ ability to successfully liquidate and administer the claims process, with no resulting benefit to the Debtors’ estates, creditors, employees, customers and other stakeholders.”

Read more Novation bankruptcy news.

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