GWG Holdings seeks 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Aug. 18 – GWG Holdings, Inc. is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the Southern District of Texas.

The company asked the court to extend the plan filing period through Nov. 16 from Aug. 18 and the solicitation period through Jan. 15 from Oct. 17.

“Less than four months have elapsed since the petition date, and this is the debtors’ first request for an extension of the exclusivity periods,” the company said in its motion.

GWG said that during this time the debtors have made significant efforts to bring stability to their operations and continue to work diligently towards a value-maximizing resolution.

“The requested extension is appropriate in light of the complexity of the debtors’ operations and the ongoing processes, including with respect to a potential sale of the debtors’ policy portfolio,” GWG said.

A hearing is scheduled for Sept. 12.

GWG is a life insurance company based in Dallas. The company filed bankruptcy on April 20 under Chapter 11 case number 22-90032.

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