Gulf Chemical secures exclusivity extension to implement idling plan

By Caroline Salls

Pittsburgh, Jan. 5 – Gulf Chemical & Metallurgical Corp. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

The company’s exclusive plan-filing period was extended through June 30, 2017 from Jan. 10 and the solicitation period through Aug. 29, 2017 from March 17.

Gulf said it has determined that the best way to maximize its value for all parties in interest is to wind down operations and idle its facility.

The company said it will continue to operate for several months, which will allow it to process a spent catalyst currently at or en route to its facility and in doing so convert the catalyst into valuable metals, as well as to clean its facility.

As a result, Gulf said the extension will allow it to implement the idling plan and to work with parties in interest to determine how best to conclude the Chapter 11 case, “whether via a Chapter 11 plan or otherwise.”

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, 2016 under Chapter 11 case number 16-22192.

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