STW Resources Holding 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 February 28, 2017 and April 29, 2017, respectively.
The motion explains, “The extensions are necessary and appropriate in order for the Debtor to have the opportunity contemplated by the Bankruptcy Code to propose a chapter 11 plan and solicit acceptances of such plan. At the November 1, 2016 evidentiary hearing, the Debtor has made significant progress in furtherance of reorganization under Chapter 11, including, most importantly, the identification of a committed plan sponsor to capitalize the special purpose entity needed to facilitate a feasible plan.”
The motion continues, “With the identification and involvement of Redwood as an important partner in the reorganization process the Debtor expects to move forward more expeditiously. Losing exclusivity at this point, however, could cause this progress to come to halt.” The Court established November 28, 2016 as the final date by which interested parties must file objections.
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