Venator Materials seeks post-confirmation exclusivity extension

By Sarah Lizee

Olympia, Wash., Sept. 8 – Venator Materials plc is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period through Dec. 11 and the exclusive solicitation period through April 11, 2024.

The pre-packaged plan was confirmed on July 19, as previously reported.

The company said that despite its significant progress, it is still negotiating the necessary documentation for the plan to become effective, including finalizing the terms of the exit asset-based lending facility.

The company said that in light of the efforts by a minority shareholder, J&T MS1 SICAV, to impede the debtors’ emergence from Chapter 11, the debtors are also still in the process of effectuating the plan through alternative means than originally anticipated.

J&T had filed the only objection to the plan. The objection was focused on the valuation underlying the plan.

The Woodlands, Tex.-based manufacturer and marketer of chemical products filed bankruptcy on May 14 under Chapter 11 case number 23-90301.

© 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.