Pipeline data granted 90-day extension of plan exclusive periods

By Jim Witters

Wilmington, Del., March 18 - Pipeline Data Inc. won a 90-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan votes as the company awaits closing of the sale of substantially all of its assets, according to a March 18 filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Pipeline failed to close a $9.85 million asset sale with stalking horse bidder Applied Merchant Systems West Coast, Inc. and now hopes to close a $9.75 million cash deal with backup bidder Calpian, Inc.

In addition, the debtors' principal secured lender is seeking the substantive consolidation of Cynergy Data LLC into the Chapter 11 cases.

Under the March 18 order, the exclusive period for filing a Chapter 11 plan is extended through June 17 from March 19. The exclusive period for soliciting plan acceptances is extended through Aug. 16 from May 16.

Pipeline Data, a Brashear Falls, N.Y.-based credit card payment processing and merchant services company, filed for bankruptcy on Nov. 19. Its Chapter 11 case number is 12-13123.

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