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- By this motion (this “Motion”), the Debtors seek an order, substantially in
the form attached hereto as Exhibit A, pursuant to section 1121(d) of the Bankruptcy
Code, extending by 100 days (i) the exclusive period for the Debtors to file a chapter 11
plan (the “Exclusive Filing Period”) from August 5, 2014 through and including
November 13, 2014, and (ii) the exclusive period for the Debtors to solicit acceptances
thereof (the “Exclusive Solicitation Period” and, together with the Exclusive Filing
Period, the “Debtors’ Exclusive Periods”) from October 4, 2014 through and including
January 12, 2015
- In connection with the Strategic Transaction Bidding Procedures, the
Debtors, with the assistance of their restructuring professionals, have actively and
publicly engaged in a marketing process for (i) the sale of all or any part of the Debtors’
businesses or (ii) a contribution of capital in connection with a stand-alone plan of
reorganization. Thus far, the Debtors have received various Preliminary Indications of
Interest from potential strategic and financial bidders and are continuing to make progress
towards their goal of consummating a value-maximizing restructuring transaction in the
near-term.
- The Debtors remain hopeful that following
the completion of the strategic transaction restructuring process, the Debtors will have
greater clarity regarding whether a plan of reorganization or plan of liquidation is best
suited for these chapter 11 cases.
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