GreenHunter Resources filed with the U.S. Bankruptcy Court a motion to extend by 60 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 13, 2017 and March 13, 2017, respectively.
The motion explains, “This is the Debtors’ third request for extension of the Exclusive Periods. The Debtors have made significant progress in the Chapter 11 cases. The Debtors have been in active negotiations with their secured creditors and have resolved such issues.”
The motion continues, “The requested extensions of the Exclusive Periods will provide the Debtors and all other parties in interest an opportunity to develop fully the grounds upon which serious negotiations toward a Chapter 11 Plan can be based. At this point, the main issue in the case involves the lien of the Debtors’ prepetition secured creditor. If that issue can be resolved, then the Debtors will be able to file a liquidating plan, which would be beneficial to the unsecured creditors….Accordingly, the Debtors should be granted a full and fair opportunity to negotiate, propose and seek acceptance of a Chapter 11 Plan.”
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