Highland Capital Management receives four-month exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 20 – Highland Capital Management LP obtained an extension of its exclusive periods for filing a Chapter 11 plan and soliciting votes on that plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Highland Capital’s plan-filing period was extended through June 12 from Feb. 13 and the solicitation period through Aug. 11 from April 13.

“The primary reason for an extension of the exclusive periods is that the debtor’s new independent board was appointed only two weeks ago,” the motion said.

“The independent board needs time to learn about and thoroughly understand the debtor’s assets and financial affairs, to take appropriate steps to ensure the stability of the debtor’s business and to begin the process of formulating a structure for a Chapter 11 plan and ultimate exit strategy from bankruptcy.”

In addition, Highland said the extension is warranted in light of the complexity of its case and its “various assets, liabilities and entanglements.”

HCMLP is a Securities and Exchange Commission-registered investment adviser on Dallas-based Highland Capital Management’s global alternative investment platform. The company filed bankruptcy on Oct. 16 in the U.S. Bankruptcy Court for the District of Delaware. The case was later transferred to the Texas court under Chapter 11 case number 19-34054.

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