Magnetation seeks court approval of extension of exclusivity periods

By Mark Reccek

Bethlehem, Pa., Sept. 30 – Magnetation LLC requested court approval to extend its exclusive periods for filing and soliciting votes for its Chapter 11 plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Minnesota.

The company is requesting an extension of its exclusive filing period to Feb. 29 from Nov. 1 and its solicitation period to April 29, 2016 from Dec. 31.

“The debtors seek these extensions to avoid the necessity of having to pursue confirmation of a plan of reorganization prematurely and to ensure that their plan of reorganization best addresses the interests of the debtors and their employees, creditors and estates,” the filing said.

A hearing on the matter is scheduled for Oct. 13.

Magnetation, a joint venture between Magnetation, Inc. and AK Steel Corp., recovers high-quality iron ore concentrate from previously abandoned iron ore waste stockpiles and tailings basins. It is based in Grand Rapids, Minn., and filed for bankruptcy on May 5 under Chapter 11 case number 15-50307.

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