Motorsport Aftermarket Group secures 120-day exclusivity extension

By Caroline Salls

Pittsburgh, March 27 – Motorsport Aftermarket Group, Inc. received an 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 District of Delaware.

Specifically, the company’s exclusive plan-filing period was extended by 120 days to July 13 and the solicitation period to Sept. 11.

Although it filed a plan and obtained approval of the related disclosure statement, Motorsport said “much work remains to be done.”

Specifically, the company said it is focused on further negotiating with the statutory committee of unsecured creditors and other parties in interest, with the ultimate goal of a consensual plan, as well as evaluating and making decisions regarding the assumption or rejection of executory contracts and leases.

Motorsport said it is also still focused on soliciting votes on, and obtaining confirmation of, the plan and negotiating and developing the definitive documentation necessary to implement it.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to continue negotiating aspects of the plan and proceed toward confirmation and consummation of the plan in an efficient, organized fashion,” the motion said.

“Therefore, the debtors request, out of an abundance of caution, a 120-day extension of the exclusivity periods to allow the debtors to focus on continuing to advance the process and to preclude the costly disruption and instability that would occur if competing plans were to be proposed.”

Motorsport Aftermarket is a Coppell, Texas-based independent manufacturer and distributor of branded aftermarket products and online retailer for the powersports industry. The company filed for bankruptcy on Nov. 15 under Chapter 11 case number 17-12442.

© 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.