Tricom granted four-month exclusivity extension to solicit acceptances

By Rebecca Melvin

New York, Aug. 13 - Tricom SA was granted an extension to its exclusive periods to solicit acceptances of its Chapter 11 plan of reorganization on Wednesday by the U.S. Bankruptcy Court for the Southern District of New York.

Exclusivity of the period to solicit and obtain acceptances of the prepackaged joint plan was extended for four months to Dec. 31 from Aug. 27.

In February, the telecommunications company obtained acceptances from two classes of secured creditors, which it viewed were the only two classes entitled to vote. It filed the plan and related disclosure statement on March 2.

Subsequently, the liquidator for Bancredit Cayman Ltd., the liquidator for Bancrédito (Panamá), SA and Banco Multiple Leon SA appeared in the Chapter 11 cases, alleging that they held substantial unsecured claims against the company.

Therefore, "out of an abundance of caution," an initial extension of the exclusive period by which to obtain acceptances of the plan, which may be amended or modified, has been requested, the company stated in its motion.

Tricom, a full-service telecommunications provider based in the Dominican Republic, filed for bankruptcy on Feb. 29. Its Chapter 11 case number is 08-10720.

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