Former Constar allowed two-month extension of plan exclusive periods

By Kali Hays

New York, Dec. 11 – Capsule International Holdings LLC, formerly Constar International Holdings LLC, obtained a fourth extension of its exclusive Chapter 11 plan filing and solicitation periods by a Thursday order from the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period is extended through Jan. 13 from Nov. 14 and its solicitation period through March 13 from Jan. 13.

As previously reported, Capsule has been “working diligently with the committee to liquidate remaining assets, reconcile claims and investigate potential claims and causes of action, which the committee believes are the main issues that must be resolved before the committee may propose a confirmable Chapter 11 plan,” according to the motion.

The company said the extension will give its committee time to propose a plan based on a term sheet approved in March 2014 and to solicit votes.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.