The Debtors are at a critical juncture in these cases. Specifically, the
Debtors are in the midst of securing Court approval of a going concern sale of the Company. If the Exclusive Periods are not extended and control of the administration of the Debtors’ estates is improperly wrested away now, it could ruin the Debtors’ prospects of confirming a chapter 11 plan. Such an outcome is contrary to the fundamental objectives of chapter 11 and should not be permitted. Even if the going concern sale is not achieved, the Debtors simply have had insufficient time to negotiate a chapter 11 plan with their constituents. To say that the workload has been enormous is truly an understatement. As the professional fee statements attest, these efforts have been all-consuming. Termination of the Exclusive Periods at this critical juncture in these chapter 11 cases would defeat the very purpose of section 1121 of the Bankruptcy Code— to afford the debtor a meaningful opportunity to propose a confirmable chapter 11 plan based on
adequate information that maximizes value and that is fair and equitable to all of the Debtors’ economic stakeholders. Accordingly, for the reasons set forth herein, the Debtors’ request for an extension of the Exclusive Periods should be granted.
