New Stream requests second 120-day extension of exclusivity periods

By Lisa Kerner

Charlotte, N.C., Sept. 1 - New Stream Secured Capital, Inc. requested a 60-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Sept. 1 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Nov. 8 from Sept. 7 and the solicitation period to Jan. 7 from Nov. 7 as it finalizes the plan details, including the language and solicitation materials, the filing said.

A hearing is set for Sept. 19.

In July, the court extended the company's exclusive plan filing period to Sept. 7 from July 11, and the solicitation period to Nov. 7 from Sept. 9. New Stream had requested a 120-day extension of its exclusivity periods but was only granted a 60-day extension.

The company's April 25 plan hearing was "indefinitely sidelined" by disagreements among its creditor constituencies over their liens, a prior court filing said.

In the meantime, the debtors negotiated a sale of the NSI Portfolio and are holding the net proceeds as they continue negotiations with creditors.

New Stream, a Ridgefield, Conn.-based investment fund, filed for bankruptcy on March 13. The Chapter 11 case number is 11-10753.

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