GT Advanced obtains shorter-than-requested extension of plan periods

By Caroline Salls

Pittsburgh, July 21 – GT Advanced Technologies, Inc. obtained an additional four-month extension of its exclusive plan filing and solicitation periods, according to an order filed July 21 with the U.S. Bankruptcy Court for the District of New Hampshire.

The company’s exclusive filing period was extended to Aug. 31 from June 3 and the solicitation period to Oct. 30 from June 30.

In its June 3 extension motion, GT asked the court to extend the filing period to Sept. 30 and its solicitation period to Nov. 30.

GT said it had 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.”

In addition, the company said in the motion that it was 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.”

As previously reported, GT filed a motion earlier this month to obtain $95 million of debtor-in-possession financing and enter into an intercompany agreement.

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.

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