Cred seeks exclusivity extension in case of ‘unforeseen obstacles’

By Sarah Lizee

Olympia, Wash., March 8 – Cred Inc. is seeking a 75-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through May 24 from March 8 and the solicitation period through July 20 from May 6.

Cred said the first months of the Chapter 11 cases have been extremely busy and productive, and while the debtors expect that the combined plan and disclosure statement will be confirmed within the current 180-day exclusivity period, they are requesting the extension to address any unforeseen obstacles that may arise.

A hearing is scheduled for April 1.

Cred is a San Mateo, Calif.-based financial services platform specializing in crypto and fiat currencies. The company filed bankruptcy on Nov. 7 under Chapter 11 case number 20-12836.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.