from the google machine:
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You have an exclusive right to file your plan of reorganization within 120 days from the date that you file your bankruptcy petition. If the court approves your request, you may be able extend this time period for up to 18 months. Once the period of exclusivity is over, your creditors or case trustee, if appointed, can submit a competing plan. It’s usually better to submit the plan of reorganization within the period of exclusivity in order to get the most favorable terms and proceed with your case in a timely manner.
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shc filed for bk in october. it has been over 120 days since their filing. anybody know whether or not shc filed for an extension to extend their period of exclusivity?
guess i am coming to the conclusion that shc will have to file a por. that por will detail how creditors are going to be paid. part of that equation will be what's provided in the apa. looking at the apa, since it was entered into by and among transform holdco and shc, guess it is reasonable to think that the asset sale to esl, if approved, would become part of shc's por which then could presumably include how commons will be handled.
again, if transform holdco and shc are separate entities and one will not be merged into the other, then existing shldq shares will have to have something done to or with them.
but again, feel a key issue is whether or not shc filed to get an extension to their period of exclusivity to file an por.
anyone?
