Vertellus Specialties eyes exclusivity extension ahead of sale closing

By Caroline Salls

Pittsburgh, Sept. 28 – Vertellus Specialties, Inc. is seeking an extension of the periods in which it has the exclusive right to file a Chapter 11 plan and solicit votes on that plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Vertellus is asking the court to extend its exclusive plan-filing period through Dec. 27 from Sept. 28 and the solicitation period through Feb. 25 from Nov. 27.

The company said its asset sale is expected to close on or about Oct. 31, and it expects to seek confirmation of a plan “soon thereafter.”

“Put simply, the debtors are continuing their efforts toward a smooth closing of the sale on or about Oct. 31, 2016 while, at the same time, resolving, or laying the ground work to resolve, certain issues that will allow the debtors to develop and propose a plan of liquidation and negotiate with their various constituencies respecting plan issues,” the motion said.

“The extension requested by this motion will allow the debtors and other parties in interest sufficient additional time to reach those milestones.”

A hearing is scheduled for Nov. 16.

Vertellus is an Indianapolis-based provider of specialty chemicals for the agriculture, nutrition, pharmaceutical and medical, personal care, plastics, coatings and industrial markets. The company filed bankruptcy on May 31 under Chapter 11 case number 16-11290.

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