GreenTech asks court to continue plan confirmation hearing to Jan. 16

By Caroline Salls

Pittsburgh, Dec. 18 – GreenTech Automotive, Inc. and WM Industries Corp. asked the U.S. Bankruptcy Court for the Eastern District of Virginia to continue the hearing on their third amended plan of liquidation to Jan. 16 from Dec. 21, according to a motion filed Tuesday.

The companies said there have been delays in stalking horse bidder GreenTech and Shenzen Jin Hong Investment Management Co., Ltd.’s ability to post the 10% deposit toward its proposed purchase price for GreenTech’s assets because it is a Chinese company.

According to the motion, continuing the plan hearing date will give the Chinese regulatory authorities time to approve the deposit.

In addition, the companies said the deadline for the stalking horse bidder to post the deposit will be extended through Jan. 9.

GreenTech is a Sterling, Va.-based electric vehicle manufacturer. The company filed for bankruptcy on Feb. 26, 2018 under Chapter 11 case number 18-10651.

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