MMFX Canadian Holdings eyes 90-day extension of exclusivity periods

By Lisa Kerner

Charlotte, N.C., April 4 - MMFX Canadian Holdings, Inc. asked the court for a 90-day extension of its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Central District of California.

The company wants to extend its exclusive filing period to July 11 and the solicitation period to Sept. 9.

A hearing date is set for April 20.

"An extension of exclusivity is necessary to allow the transaction process to run its course, and to assure prospective investors and interested parties that the debtors' cases are progressing smoothly," the filing said.

In addition, the debtors are addressing pre-petition liabilities. Total scheduled claims and the claims expected to be ultimately filed will exceed $65 million. Of those amounts, MMFX believes that more than $15 million of claims will be subject to dispute, including the litigation already underway with Fourth Third.

Resolving the large contingencies "will pave the way for a successful plan process," MMFX said in the filing.

The company is a subsidiary of MMFX International Holdings, Inc., which is a subsidiary of MMFX Technologies Corp.

MMFX Technologies, an Irvine, Calif.-based materials science company, and subsidiaries MMFX Steel Corp. of America and Fasteel Corp. filed for bankruptcy on Dec. 14, 2010. The Chapter 11 case number is 10-27572.

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