Valence Technology gets exclusivity extension to secure plan funding

By Caroline Salls

Pittsburgh, Jan. 10 - Valence Technology, Inc. obtained a second extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Western District of Texas.

The company's exclusive filing period was extended through April 8 from Jan. 8 and the solicitation period through June 7 from March 8.

According to the motion, Valence is still working to stabilize and maintain operations in several countries throughout the world and to secure an exit financing facility.

Despite the good-faith progress that has been made in its Chapter 11 case, the company said it needs more time to secure the funding necessary to propose a plan.

In addition, Valence said the proposed extension will give it and all other parties in interest the opportunity to continue plan negotiations.

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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