Gulf Chemical granted exclusivity extension to negotiate plan details

By Caroline Salls

Pittsburgh, Oct. 3 – Gulf Chemical & Metallurgical Corp. obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

The company’s exclusive filing period was extended through Jan. 10 from Oct. 12 and the solicitation period through March 13, 2017 from Dec. 11.

“The debtors intend to propose one or more consensual plans, but need additional time to formulate and negotiate the details,” the motion said.

Gulf Chemical said the extension is intended to facilitate the continued marketing of its assets and the distribution of the proceeds of the sale of the Bear Metallurgical debtor’s assets in the most efficient way.

In addition, the company said the extension will allow it to negotiate the structure of a plan or plans, allocate sale proceeds and continue to assess the amount and categories of claims against the estates.

Gulf is a Freeport, Texas-based subsidiary of Eramet, a Paris-based mining and metallurgical global producer of alloying metals. Gulf filed bankruptcy on June 14 under Chapter 11 case number 16-22192.

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