Highland Capital exclusive plan-filing period extended through July 13

By Caroline Salls

Pittsburgh, May 27 – Highland Capital Management, LP obtained a 30-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Specifically, Highland’s exclusive plan-filing period has been extended through July 13 and the solicitation period through Sept. 10.

The order said the extension was agreed to by the official committee of unsecured creditors appointed for Highland’s bankruptcy case.

Last month, Highland asked the court to grant an extension of its plan-filing period through Oct. 13 from June 12 and the solicitation period through Dec. 9 from Aug. 11.

Since the appointment of an independent board of directors, the company said it has worked with the committee and its creditors to determine how best to maximize value and reorganize for the benefit of Highland Capital, its estate and its creditors.

As a result of that work, Highland said the board hopes to be able to formulate a workable plan “in short order.”

“The complexity of the debtor’s case and its various assets, liabilities and entanglements justifies extending the exclusive periods,” the motion said.

In addition, the company said the coronavirus pandemic has forced it to address the resulting economic, operational and personal fallout. Specifically, Highland said the economic downturn caused by the pandemic resulted in it receiving substantial margin calls from prime broker Jefferies, LLC.

HCMLP is a Securities and Exchange Commission-registered investment adviser on Dallas-based Highland Capital Management’s global alternative investment platform. The company filed bankruptcy on Oct. 16, 2019 in the U.S. Bankruptcy Court for the District of Delaware. The case was later transferred to the Texas court under Chapter 11 case number 19-34054.

© 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.