ShengdaTech eyes exclusivity extension, needs more time to secure assets amid fraud claims

By Lisa Kerner

Charlotte, N.C., Nov. 17 - ShengdaTech, Inc. asked the court to extend its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Nevada.

The company wants to extend its exclusive filing period to March 19 from Dec. 9 and its solicitation period to June 14, 2012 from Feb. 15.

A hearing is set for Dec. 14.

ShengdaTech said it needs more time to investigate the fraudulent actions of its former management and to locate and secure its assets and those of its subsidiaries.

Based in Tai'an City, China, ShengdaTech makes and markets nano-precipitated calcium carbonate and coal-based chemicals. The company filed for bankruptcy on Aug. 19. Its Chapter 11 case number is 11-52649.

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