MTE Holdings asks for fifth extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 2 – MTE Holdings LLC is seeking a fifth extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company is asking the court to extend the plan filing period through Feb. 8 and the solicitation period through April 9.

MTE said it is in the final stages of determining its best path out of bankruptcy and is pursuing parallel exit strategies, including sale and plan processes.

The company said that given the continuing negotiations between the debtors and its key creditor constituencies, coupled with an extension of some of its emergence deadlines, an additional extension of its exclusivity periods is necessary.

Significantly, the amended milestones provide that the debtors must file a plan of reorganization by Feb. 8 or obtain court approval to sell substantially all of the company’s assets by that date.

The company said it is also proceeding apace with the mediation of various statutory lien claims.

A hearing on approval of the extension is scheduled for Dec. 14.

MTE is a Midland, Tex.-based holding company. The company filed bankruptcy on Oct. 22 under Chapter 11 case number 19-12269.

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