Former Constar exclusivity extension approved; committee can file plan

By Caroline Salls

Pittsburgh, April 29 - Capsule International Holdings LLC, formerly Constar International Holdings, LLC, obtained a 90-day extension of its exclusive plan of reorganization filing and acceptance periods, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended through July 17 from April 18 and its solicitation period through Sept. 15 from June 17.

According to the order, the company's official committee of unsecured creditors will also have the right propose and solicit votes on a plan consistent with the terms included in a court-approved stipulation.

Capsule said in the motion that it was seeking the extra time because it has faced "various complex and time-consuming issues, including negotiations with multiple parties with competing interests and four different sales processes that have required the full focus of the debtors and their professionals."

Constar, a Trevose, Pa.-based maker of polyethylene terephthalate food and beverage containers, filed for bankruptcy on Dec. 19. The Chapter 11 case number is 13-13281.

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