Energy Alloys seeks exclusivity extension to figure out exit path

By Sarah Lizee

Olympia, Wash., Jan. 8 – Energy Alloys Holdings, LLC 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 District of Delaware.

Specifically, the company asked the court to extend the plan filing period through April 7 and the solicitation period through June 7.

The company said that since the closing of the asset sales and the court’s entry of the final cash collateral order, the debtors have been in discussions with the official committee of unsecured creditors and the Wingfoot/second-lien required lenders regarding a potential exit path for the debtors from Chapter 11.

“While those discussions remain ongoing, the parties have not yet agreed on an exit path,” Energy Alloys said in the motion.

“However, because seeking confirmation of a Chapter 11 plan remains a distinct possibility, while those negotiations and discussions are ongoing, the debtors have filed this motion to avoid the possibility of a party proposing a plan and the cost and distraction that could result therefrom.”

Houston-based Energy Alloys provides oilfield metals, services and supply chain solutions to global oil and gas manufacturers and service companies in the energy industry. The company filed Chapter 11 on Sept. 9 under case number 20-12088.

© 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.