Stoneway Capital secures another extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 24 – Stoneway Capital Ltd. secured another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the plan filing period through Jan. 31 from Dec. 31 and the solicitation period through April 1 from March 1.

The company said in its motion that since its last request for an exclusivity extension, it has remained in an active dialogue on the terms of a consensual plan with a steering committee and related parties, as well as its debtor-in-possession and prepetition term loan lenders.

“Progress has continued as all of the parties are working in a largely consensual manner toward a singular plan structure; however, there are intricacies that all of the parties are actively continuing to work to address in order to settle upon an acceptable reorganized debt and capital structure for the debtors’ operations,” the company said in its motion.

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, 2021 under Chapter 11 case number 21-10646.

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