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SP Newsprint seeks 90-day extension of exclusive period to file plan
By Jim Witters
Wilmington, Del., Jan. 13 - SP Newsprint Holdings LLC is seeking a 90-day extension of its exclusive periods for filing a Chapter 11 plan and soliciting acceptances of that plan, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
If granted, the extension would move the deadline for filing a plan to June 12 from March 14. It would extend the deadline for soliciting votes for the plan to Aug. 11 from May 13.
A hearing on the request is scheduled for 10 a.m. ET on Feb. 7.
The debtors have been focused since the bankruptcy filing on "critically important activities, including ... conducting the day-to-day operations of the business, preparing schedules of assets and liabilities and statements of financial affairs and negotiating post-petition financing," the motion states.
"With numerous interests to protect and satisfy, spread across thousands of creditors with potential claims against their estates, the debtors' cases are relatively large and complex enough to warrant an extension of the exclusive periods," the motion states.
The debtors also say they have accomplished a great deal in the two months since the bankruptcy petition was filed.
"The debtors intend to negotiate a process to market and sell their assets in the near future, and until completed, the debtors will not be able to adequately negotiate or propose a Chapter 11 plan. Once that process is completed, though, the debtors hope, to negotiate with their various creditor constituencies and to propose a consensual plan to resolve these cases," the motion states.
SP Newsprint, a Greenwich, Conn.-based newsprint producer, filed for bankruptcy on Nov. 15. The Chapter 11 case number is 11-13649.
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