Verso seeks precautionary 72-day extension of exclusive plan periods

By Caroline Salls

Pittsburgh, May 24 – Verso Corp. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period for 72 days through Aug. 5 and the solicitation period for 72 days through Oct. 4.

Verso said it believes its previously filed plan of reorganization will be confirmed at a hearing scheduled for June 23.

“Nevertheless, the debtors file this motion out of an abundance of caution to ensure that, in the event that the plan is not confirmed, the debtors retain control of their reorganization,” the motion said.

A hearing is scheduled for June 20.

Verso, a Memphis-based producer of printing and specialty papers and pulp, filed for bankruptcy on Jan. 26. The Chapter 11 case number is 16-10163.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.