Valence Technology granted third extension to exclusivity

By Lisa Kerner

Charlotte, N.C., March 21 - Valence Technology, Inc. was granted a third 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 court extended the exclusive solicitation period to filing period to July 8 from April 8 and the solicitation period through Sept. 6 from June 7.

According to Valence's motion, the requested extension will give Valence more time to obtain exit financing and "allow all parties a meaningful opportunity to pursue a consensual plan of reorganization."

In January, the court extended the company's exclusive filing period through April 8 from Jan. 8 and the solicitation period through June 7 from March 8.

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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