GT Advanced asks court for 45-day extension of exclusivity periods

By Mark Reccek

Bethlehem, Pa., Aug. 31 – GT Advanced Technologies, Inc. requested court approval to extend its exclusive periods for filing and soliciting votes for filing a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of New Hampshire.

The company is requesting an extension on its exclusive filing period through Oct. 15 from Aug. 31 and an extension of the solicitation period through Dec. 14 from Oct. 30.

According to the motion, the 45-day extension of exclusivity is necessary to allow the company sufficient time to negotiate the terms of a Chapter 11 plan with, among others, the ad hoc noteholders, the committee and other key creditors in order to propose a plan that will be confirmed.

The motion also said the process is underway, and the debtors have shared a proposed plan term sheet and the plan issues memos with certain key constituents, including the committee, the ad hoc noteholders and Citigroup Financial Products, Inc.

Opening the plan process up to competing plans and the inherent competing interests could undermine and detract from negotiations regarding consensual plan terms to the detriment of all parties in interest, the motion added.

A hearing on the matter is scheduled for Sept. 17.

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 in the U.S. Bankruptcy Court for the District of New Hampshire under Chapter 11 case number 14-11916.

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