Optima Specialty Steel seeks exclusivity extension to choose sponsor

By Caroline Salls

Pittsburgh, April 17 – Optima Specialty Steel, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period through July 13 and the solicitation period through Sept. 11.

Having stabilized operations, Optima said it began and substantially advanced the process of proposing a Chapter 11 plan of reorganization. The company said it received term sheets from two parties interested in sponsoring a plan.

According to the motion, Optima is negotiating these term sheets and expects to file a plan “in the near term.”

“The requested extensions will enable the debtors to conclude their negotiations concerning the terms of a plan and select a plan sponsor, to prepare and file a Chapter 11 plan, and to prosecute confirmation of that plan,” the motion said.

Optima is a Miami-based specialty steel manufacturer. The company filed bankruptcy on Dec. 15 under Chapter 11 case number 16-12789.

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