Transmar Commodity gets two more months to negotiate liquidation plan

By Caroline Salls

Pittsburgh, May 15 – Transmar Commodity Group Ltd. received 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 Southern District of New York.

Transmar’s exclusive filing period was extended by 60 days through June 29 and the solicitation period by 60 days through Aug. 28.

The company said in the motion that it believes the extension “will provide sufficient additional time to allow the debtor to negotiate with its pre-petition lenders and the committee and formulate a confirmable Chapter 11 plan of liquidation.”

Morristown, N.J.-based Transmar operates as a full-service cocoa trading and cocoa butter product supplier to the international confectionary industry. The company filed for bankruptcy on Dec. 31 under Chapter 11 case number 16-13625.

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