Kumtor Gold receives further extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 20 – Kumtor Gold Co. CJSC secured another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the plan filing period through May 26 from Jan. 26 and the solicitation period through July 25 from March 27.

The company said it had requested an extension to ensure that there is enough time after the adjudication of the Kyrgyz Republic’s motion to dismiss the cases, and if adjudicated in favor of the debtors, to permit the debtors to prepare and file a Chapter 11 plan.

“Without this requested extension of the exclusive periods, the debtors either would have to file a Chapter 11 plan immediately or would face the risk of a third-party filing a competing plan, which would result in considerable disruption and uncertainty to the debtors’ reorganization efforts and, as a result, the possibility of considerable harm to the value of the debtors’ assets and their assets to the detriment of all stakeholders,” the company said in the motion.

Bishkek, Kyrgyzstan-based Kumtor Gold is owned by Toronto-based Centerra Gold, a mining and exploration company. The Chapter 11 case number of Kumtor Gold is 21-11051. It filed bankruptcy on May 31.

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