Former Constar looks for OK on further 60-day exclusivity extension

By Kali Hays

New York, Sept. 15 - Capsule International Holdings LLC, formerly Constar International Holdings LLC, is seeking a third extension of its exclusive Chapter 11 plan filing and solicitation periods, according to a Sept. 12 motion with the U.S. Bankruptcy Court for the District of Delaware.

The company asked that its exclusive filing period be extended through Nov. 14 from Sept 15 and its solicitation period through Jan. 13 from Nov. 14.

As a result of an investigation into various claims against Capsule carried out by its committee, an investigative report has been filed with the court that has yet to be reviewed.

“The committee believes that the investigation of these causes of action is the main issue that must be resolved before the committee may propose a confirmable Chapter 11 plan,” the motion stated.

Capsule said the requested extension would give the committee time to propose a plan based on a term sheet approved in March and solicit votes.

A hearing is scheduled for Oct. 15.

Constar, a Trevose, Pa.-based maker of polyethylene terephthalate food and beverage containers, filed for bankruptcy on Dec. 19, 2013. The Chapter 11 case number is 13-13281.

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