ScripsAmerica filed with the U.S. Bankruptcy Court a motion to extend the exclusive periods during which the Debtor may file a chapter 11 plan and solicit acceptances thereof through and including May 5, 2017 and July 5, 2017, respectively.
The motion explains, “Absent an extension, the Debtor’s initial Exclusive Filing Period and Exclusive Solicitation Period will expire on January 5, 2017 and March 6, 2017, respectively….This is the first request for an extension in this case. Since the commencement of the Debtor’s chapter 11 case, the majority of the Debtor’s time and effort has been devoted toward providing a foundation for the Debtor’s plan process, such as (i)completing asset and liability schedules/Statement of Financial Affairs and (ii) initiating a bidding process for certain of the Debtor’s assets. Given that the Debtor and its professionals have focused their primary efforts on the above-referenced tasks, they have not been able to finalize an appropriate plan.”
In addition, “The Debtor is not seeking extensions to delay the administration of its case or to pressure creditors to accept unsatisfactory plans. On the contrary, this request is intended to facilitate an orderly, efficient, and cost-effective exit/plan process for the benefit of all creditors. At this time, it would not be prudent for the Debtor to abandon its exclusivity rights. Accordingly, the Debtor submits that the extension of the Exclusive Periods requested herein is reasonable and appropriate under the circumstances, particularly in light of the fact that it is the Debtor’s initial request, and should be granted as being in the best interest of the Debtor’s estate and creditors.”
The Court scheduled a February 21, 2017 hearing to consider the motion, with objections due by January 23, 2017.
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