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Stoneway Capital gets bridge order extending exclusivity until hearing
By Sarah Lizee
Olympia, Wash., March 3 – Stoneway Capital Ltd. received a short extension of its exclusive periods to file and solicit votes on a Chapter 11 plan through a bridge order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, the company asked the court to extend the plan filing period through May 16 from Feb. 28 and the solicitation period through July 15 from April 29.
Thursday’s bridge order extended the plan filing period through March 18 and the solicitation period through May 17, each pending the final hearing on March 17.
The company said that although a plan and disclosure statement were filed within the prior exclusive filing period, it is seeking another exclusivity extension out of an abundance of caution.
Stoneway said it anticipates that its plan will be able to go effective in May.
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, 2021 under Chapter 11 case number 21-10646.
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