Stoneway seeks exclusivity extension to work out ‘gating issues’

By Sarah Lizee

Olympia, Wash., Sept. 20 – Stoneway Capital Ltd. is seeking another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period through Oct. 21 and the solicitation period through Nov. 22.

As previously reported, the company had asked for the court to extend the plan filing period through Oct. 4 and the solicitation period through Dec. 3.

“Although progress has been made in the debtors’ negotiations with the other parties in interest, certain gating issues must first be resolved before the debtors can file the plan of reorganization and solicit votes,” the company said in its motion.

The company said it and its noteholders are considering bringing in a new third-party operator, and the debtors have been working on business planning issues and other structural issues in connection with that transition.

Stoneway is a privately held New Brunswick, Canada, company based in Buenos Aires and established in 2016 for the purpose of constructing, owning and operating power plants to provide electricity to the wholesale electricity market in Argentina through indirect subsidiaries. The company filed bankruptcy on April 7 under Chapter 11 case number 21-10646.

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