Aldrich Pump gains four-month extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Feb. 26 – Aldrich Pump LLC secured a four-month extension of its exclusive periods to file and solicit votes on a Chapter 11 plan of reorganization, according to an order field Thursday with the U.S. Bankruptcy Court for the Western District of North Carolina.

Specifically, the court extended the plan filing period through May 14 and the solicitation period through July 14.

The debtors said in their motion that they intend to continue to focus their efforts on the steps necessary to formulate a confirmable plan of reorganization that would provide for the creation and funding of a trust to resolve and pay valid asbestos-related claims.

“Though the debtors are hopeful that the parties will commit to reach a workable resolution as soon as possible for the benefit of present and future claimants, given the size of these cases, the complexity of the issues they present, and the competing interests that exist among the parties, consensus on the terms of a plan may take time,” Aldrich Pump said in the motion.

Davidson, N.C.-based Aldrich provides climate control solutions. The company filed bankruptcy on June 17, 2020 under Chapter 11 case number 20-30608.

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