The U.S. Bankruptcy Court approved BioNitrogen Holdings’ fourth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 16, 2016 and February 14, 2017, respectively.
As previously reported, “The Debtors believe a further extension of Exclusivity is warranted in this case. First, while the size of this case is not large, the intellectual property that is the primary asset in these cases is of a complex, scientific and technical nature, requiring technical expertise in order to explore various investment opportunities with sophisticated strategic and financial investors who are familiar with so-called ‘clean-tech’ technology. Similarly, deep industry expertise is required by Teneo and its investment banking team for the same reasons. Negotiating and exploring the possible investment or sale of this technology is not the same as exploring investment and sale opportunities for more commoditized businesses in the retail and wholesale sectors who may sell items such as furniture or clothing, or even fuel. Thus, although the Debtors have made progress towards locating a strategic investor or acquirer, the Debtors require additional time to finalize a deal and specific terms of a plan.”
The motion continued, “The Debtors efforts thus far have been in good faith and in the best interests of creditors to maximize value to the estate…Finally, based on the value of the technology and the interest that the Debtors have received recently through their marketing efforts, the Debtor believes there is a reasonable prospect for the filing of a viable plan in these cases and that the 45-day extension of the Exclusive Periods sought will allow the Debtors sufficient time to finalize a deal with an investor or acquirer and file a plan of reorganization for purposes of consummating such a deal.”
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