Former Constar allowed seventh extension of exclusive plan periods

By Kali Hays

New York, June 22 – Capsule International Holdings LLC, formerly Constar International Holdings LLC, won approval of a seventh extension of its exclusive plan filing and solicitation periods from the U.S. Bankruptcy Court for the District of Delaware, according to a Monday order.

The company’s plan filing period was extended to June 19 from May 12 and its solicitation period to Aug. 19 from July 13. However, no plan was filed by the new June 19 deadline.

As previously reported, the company said it is continuing to work with its official committee of unsecured creditors to liquidate all remaining assets, reconcile claims and investigate additional claims and potential causes of action.

Capsule said the committee believes that all of these issues need to be resolved before it will be able to propose a confirmable Chapter 11 plan based on a term sheet approved in March 2014.

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

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