Solar Trust seeks to extend plan exclusive periods to ink settlement

By Jim Witters

Wilmington, Del., Feb. 22 - Solar Trust of America, LLC is seeking a fourth extension of its exclusive periods for filing a Chapter 11 plan and for soliciting votes on the plan, according to documents filed Feb. 22 with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time to definitively document an agreement reached in principle with German parent company Solar Millennium AG, which had objected to the plan and disclosure statement.

Volker Bohm, the administrator for Solar Millennium AG in its German bankruptcy case, deferred the disputes to allow approval of the disclosure statement and voting on the proposed plan of liquidation.

Other than Solar Millenium, only one party, holding a $690 claim, voted to reject the proposed plan of reorganization, debtors attorney Matthew Barry Lunn said at a Feb. 8 hearing.

The plan was accepted by 96% of voting creditors in number and 99.998% in dollar amount, he said.

If the debtors' motion is granted, the exclusive period for filing a Chapter 11 plan would be extended through April 5 from March 1. The exclusive period for soliciting plan votes would be extended through May 31 from April 26.

As previously reported, the debtors filed a Chapter 11 plan of liquidation and disclosure statement on Aug. 24 and subsequently filed a modified first amended Chapter 11 plan of liquidation.

The court approved the disclosure statement on Oct. 23.

A hearing to consider plan confirmation was scheduled for Dec. 20, but was adjourned when no agreement could be reached with the foreign representative of the debtors' German parent company, Solar Millennium AG.

A hearing on the exclusivity extension request is scheduled for 10 a.m. ET on March 15.

The plan confirmation hearing, delayed three times, is now scheduled for Feb. 28.

Solar Trust, an Oakland, Calif.-based unit of solar company Solar Millennium AG, filed bankruptcy on April 2, 2012. Its Chapter 11 case number is 12-11136.

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