GT Advanced eyes exclusivity extension to settle distribution issues

By Kali Hays

New York, June 3 – GT Advanced Technologies, Inc. is seeking an additional four-month extension of its exclusive plan filing and solicitation periods, according to a Tuesday motion filed with the U.S. Bankruptcy Court for the District of New Hampshire.

The company asked that its plan filing period be extended to Sept. 30 from June 3 and its solicitation period to Nov. 30 from June 30.

Over the past several weeks, GT said that it has been engaged in “around-the-clock negotiations” with its committee and “certain key creditor constituencies” to resolve some intercompany issues that the company says “have substantially complicated these cases.”

The intercompany issues are related to GT’s proposed sale of its sapphire furnaces and the distribution of the sale proceeds, according to the motion.

In addition, the company said that it is still securing debtor-in-possession financing, which “has become intertwined with the intercompany disputes” and that it is conducting a substantive consolidation analysis, which could make “some or all of the intercompany claims moot.”

A hearing is set for July 16.

Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 under Chapter 11 case number 14-11916.

© 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.