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GreenTech can’t meet deadline for filing amended disclosure statement
By Caroline Salls
Pittsburgh, Sept. 13 – GreenTech Automotive, Inc. said in a status report filed Wednesday with the U.S. Bankruptcy Court for the Eastern District of Virginia that it was unable to file an amended disclosure statement by the Sept. 12 deadline set in a court order.
As previously reported, GreenTech’s motions for approval of the disclosure statement and asset sale procedures were originally scheduled to be heard by the court on Aug. 21, but its counsel requested that the motions be continued “due to unforeseen issues with asset purchase agreement, which is the cornerstone of the debtors’ second amended joint plan of liquidation.”
As a result, hearings on the motions were continued to Sept. 18. However, given the complexity of trying to negotiate a revised proposal with expected stalking horse bidder and plan sponsor Golden Resources and exploring potential strategic alternatives, GreenTech said it asked the court to extend the hearing date and filing and response deadlines to Sept. 26.
The court granted an extension for filing an amended disclosure statement to Sept. 12, with objections due on Sept. 19.
“Unfortunately, while there have been significant and continuing discussions with the potential bidder and among the creditors, the debtors are not yet in a position to file revised motions or an amended disclosure statement,” Wednesday’s status report said.
GreenTech said it hopes to be able to file revised motions before Sept. 26, and it will work with the court and other parties to schedule further hearings once the motions are filed.
The company is asking Sept. 26 to remain on the court’s calendar as a status conference.
GreenTech is a Sterling, Va.-based electric vehicle manufacturer. The company filed for bankruptcy on Feb. 26, 2018 under Chapter 11 case number 18-10651.
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