Valence granted exclusivity extension to finalize course of action

By Lisa Kerner

Charlotte, N.C., Nov. 9 - Valence Technology, Inc. was granted an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Western District of Texas.

The court extended the company's exclusive plan-filing period by 60 days through Jan. 8 and its solicitation period by 60 days through March 8.

As previously reported, Valence said that, although it has made significant progress in the short time since it filed for bankruptcy, it has not had enough time to finalize a course of action that will be in the best interests of the creditors and other constituents.

Austin, Texas-based Valence Technology is a developer of lithium-ion batteries. The company filed for bankruptcy on July 12. The Chapter 11 case number is 12-11580.

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