Valence Technology looks to postpone confirmation hearing to Nov. 13

By Caroline Salls

Pittsburgh, Oct. 24 - Valence Technology, Inc. asked the U.S. Bankruptcy Court for the Northern District of Texas to continue its plan of reorganization confirmation hearing, according to an Oct. 24 court filing.

As previously reported, the court approved the disclosure statement for the company's first amended plan on Sept. 23 and scheduled the plan confirmation hearing for Oct. 30.

Valence said it is working with counsel for its pre-bankruptcy lender on the plan supplement and believes a continuance is warranted as a result of "the voluminous nature of documents" that need to be filed as part of the supplement.

As a result, the company said it is asking the court to continue the confirmation hearing to Nov. 13 and the deadline for filing the plan supplement to Nov. 6.

According to the motion, the plan supplement includes documents for an additional $20 million loan and the renewal and restructuring of previous loan documents, an equity incentive plan for Valence employees, securities to be issued under the plan and amendments to Valence's certificate of incorporation and bylaws.

Austin, Texas-based Valence Technology is a developer of lithium-ion batteries. The company filed for bankruptcy on July 12, 2012. The Chapter 11 case number is 12-11580.

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