MD Helicopters gets exclusivity extension as it drafts structured dismissal

By Sarah Lizee

Olympia, Wash., Oct. 25 – MD Helicopters, Inc. secured another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the court extended the plan filing period through Jan. 24 from Oct. 26 and the solicitation period through March 27, 2023 from Dec. 26.

The company said in its motion that since entry of the first exclusivity order on Aug. 8, and the closing of the asset sale on Aug. 15, the demands on the debtors’ time and resources has included establishing the administrative claims bar date and working through the claims resolution process, among other things.

MD is also litigating an ongoing appeal in the Third Circuit Court of Appeals with the Netherlands.

The company said it is drafting a structured dismissal motion and engaging with key stakeholders regarding the same.

“Termination of the exclusive periods could impact the debtors’ efforts to preserve and maximize the value of their estates and the progress of the Chapter 11 cases,” the company said.

“Moreover, the proposal and solicitation of any competing plan could complicate and increase the cost of administering the Chapter 11 case.”

The Mesa, Ariz.-based helicopter manufacturer filed Chapter 11 bankruptcy on March 30, 2022 under case number 22-10263.

© 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.