Former A123 Systems asks for 45-day extension of plan exclusivity

By Jim Witters

Wilmington, Del., May 10 - B456 Systems, Inc., formerly A123 Systems, Inc., is seeking a 45-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan votes, according to a May 9 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the extensions because "it is possible that these periods may expire prior to confirmation of the modified first amended plan."

As previously reported, the company filed its joint plan of liquidation on Feb. 6.

B456 wants to extend its exclusive period for filing a Chapter 11 plan through June 30 from May 15 and the exclusive period for soliciting plan acceptances through July 30 from June 14.

A hearing on the request is scheduled for 3 p.m. ET on June 26.

Under the local rules of the Delaware bankruptcy court, the exclusive period is automatically extended through the date of the hearing.

A hearing to consider confirmation of the modified first amended plan is scheduled for May 20.

This is the company's second request for an extension.

Based in Waltham, Mass., A123 designs, develops, manufactures and sells rechargeable lithium-ion batteries and battery systems. The company filed for bankruptcy on Oct. 16 under Chapter 11 case number 12-12859.

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