ECOtality granted exclusivity extension; plan expected week of May 18

By Kali Hays

New York, May 12 - ECOtality North America obtained a fourth extension of its exclusive periods for filing and soliciting votes on a plan of liquidation, according to a Friday order with the U.S. Bankruptcy Court for the District of Arizona.

The exclusive filing period is extended through June 29 from May 15 and the solicitation period through Aug. 28 from July 14.

As previously reported, ECOtality weighed the advantages and disadvantages of developing and soliciting votes on a plan of reorganization as compared to a plan of liquidation and decided a plan of liquidation will best maximize the value of its estates for the benefit of creditors.

To that end, the company said it has made significant headway in finalizing a plan of liquidation and corresponding disclosure statement and intends to file the documents during the week of May 18, a few days after the expiration of the current exclusive plan-filing period.

ECOtality said the extension will allow it to complete drafting and to obtain board approval of the proposed plan, as well as to craft and seek approval of procedures and materials for the solicitation of the plan.

ECOtality, a renewable energy company based in San Francisco, filed bankruptcy on Sept. 16, 2013 in the U.S. Bankruptcy Court for the District of Arizona. The Chapter 11 case number is 13-16126.

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