Vertellus secures exclusivity extension to resolve issues, draft plan

By Caroline Salls

Pittsburgh, Oct. 19 – Vertellus Specialties, Inc. obtained 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 an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Vertellus’ exclusive plan-filing period was extended through Dec. 27 from Sept. 28 and the solicitation period through Feb. 25 from Nov. 27.

The company said it expects to seek confirmation of a plan soon after the closing of its asset sale.

In addition, Vertellus said it is “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 extension requested by this motion will allow the debtors and other parties in interest sufficient additional time to reach those milestones,” the motion said.

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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