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Free Speech Systems asks court for more time to file plan
By Sarah Lizee
Olympia, Wash., Oct. 21 – Free Speech Systems LLC asked the U.S. Bankruptcy Court for the Southern District of Texas for more time to file a plan of reorganization, according to a motion filed with the court.
The debtor said its immediate focus has been to address acute operational issues resulting from the “management vacuum” created by the absence of a chief restructuring officer, following the court’s denial of the application to retain W. Marc Schwartz as CRO.
The company said its focus has also been on addressing product acquisition, and implementing operational cost cutting. So far it hasn’t constructed budgets and pro forma projections, which are essential to confirmation of a plan of reorganization under Subchapter V of Chapter 11, the debtor said.
Also, on Oct. 12, the court ordered mediation of disputes that ultimately will involve terms of a plan, but the date for the mediation has not been set.
The company has asked for an additional 70 days to file the plan.
Austin, Tex.-based Free Speech Systems, fully owned by Alex Jones, filed bankruptcy on July 29 under Chapter 11 case number 22-60043.
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