The U.S. Bankruptcy Court approved BioNitrogen Holdings’ fifth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 30, 2017 and March 30, 2017, respectively.
As previously reported, “[W]hile 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.”
In addition, “Thus, although the Debtors believe they have made progress towards locating a strategic investor or acquirer, the Debtors require additional time to pursue such an investor or acquirer as well as specific terms of a plan. The Debtors efforts thus far have been in good faith and in the best interests of creditors to maximize value to the estate.”
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