Bolta US, creditors committee ask court to extend sale timeline

By Sarah Lizee

Olympia, Wash., March 21 – Bolta US Ltd. and the official committee of unsecured creditors are seeking to extend the timeline under the company’s bid procedures for its assets, according to a joint motion filed Monday with the U.S. Bankruptcy Court for the Northern District of Alabama.

As previously reported, the company has been authorized to pick a stalking horse and provide a 3% breakup fee.

The company said Monday that it has received a bid from one party that it is strongly considering naming as the stalking horse.

However, the primary gating issue regarding the stalking horse offer relates to cure costs and an amendment of the debtor’s facility lease with landlord Bolta Investment, Ltd.

The debtor, proposed stalking horse and the landlord have been working to resolve all issues prior to the current date of auction, which is March 24.

But, based on the current timeframe, it isn’t clear that the parties will be able to document a resolution before then.

Given these issues, and the desire to continue negotiations with other potential purchasers, the debtor and committee believe some dates under the bid procedures should be adjusted.

They asked the court to extend the bid deadline to 6 p.m. ET on March 29, the auction to March 30, the sale hearing to April 6, and the closing date to April 17.

Currently, the bid deadline is March 23, a sale hearing will take place on March 30, and the closing date is March 31.

The plastic automotive parts manufacturer is based in Northport, Ala. The company filed bankruptcy on Jan. 13 under Chapter 11 case number 23-70042.

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