B+H Ocean Carriers eyes exclusivity extension to negotiate settlement

By Caroline Salls

Pittsburgh, Sept. 10 - B+H Ocean Carriers Ltd. is seeking an extension of its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period through Oct. 29 from Sept. 27 and the solicitation period through Dec. 31 from Nov. 29.

B+H said it has begun negotiating a plan with its unsecured creditors' committee and secured creditors "in the context of a universal settlement of all claims against the various constituents, including insiders."

The company said settlement negotiations have taken place over the past two months, but a resolution has yet to be reached among all of the parties.

Until a universal settlement has been reached, the terms of the plan cannot be finalized, B+H said in the motion.

A hearing is scheduled for Oct. 2.

Hamilton, Bermuda-based shipbuilder B+H Ocean Carriers filed for bankruptcy on May 30. Its case number is 12-12356.

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