Stoneway Capital seeks another extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 21 – Stoneway Capital Ltd. is seeking another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period through Dec. 31 from Oct. 21 and the solicitation period through March 1 from Dec. 22.

The company said that progress has continued as it has worked with its creditor constituencies toward a consensual plan structure, but there are details that the parties are currently trying to address.

“Absent an extension of the exclusive periods requested herein, the debtors could find themselves unnecessarily burdened with having to address competing Chapter 11 plans from their creditors,” the company said in its motion.

“Such a process would be value-destructive to the debtors’ estate and substantially impair the material progress made thus far in these Chapter 11 cases.”

Stoneway is a privately held New Brunswick, Canada, company based in Buenos Aires and established in 2016 for the purpose of constructing, owning and operating power plants to provide electricity to the wholesale electricity market in Argentina through indirect subsidiaries. The company filed bankruptcy on April 7 under Chapter 11 case number 21-10646.

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