O.W. Bunker eyes extension to avoid filing plan before claims deadline

By Caroline Salls

Pittsburgh, March 5 – O.W. Bunker Holding North America Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Connecticut.

The company wants to extend its exclusive filing period through July 13 from March 13 and the solicitation period through Sept. 9, 2015 from May 12.

O.W. Bunker said the deadline for filing claims in its case is March 15. The company said it would be prejudiced by filing a plan before having all of the information necessary to develop the appropriate treatment for all unsecured creditors

In addition, given the claims bar date, O.W. Bunker said it would not be able to negotiate with creditors in an effort to consensually resolve any plan treatment issues that could arise.

According to the motion, the extension will also give the company time to move forward with pending litigation and have a clearer picture of the nature and scope of a proposed plan.

This is O.W. Bunker’s first exclusivity extension request.

A hearing is scheduled for Tuesday.

O.W. Bunker is an independent distributor and reseller of marine fuel and is based in Denmark. Its U.S. subsidiaries filed for bankruptcy on Nov. 13 under Chapter 11 case number 14-51720.

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