Aceto eyes extension of exclusive plan-filing period through Oct. 18

By Caroline Salls

Pittsburgh, Aug. 19 – Aceto Corp. is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of New Jersey.

The company is asking the court to extend its exclusive plan-filing period through Oct. 18 from Aug. 19 and the solicitation period through Dec. 16 from Oct. 17.

As previously reported, Aceto has filed and obtained court approval to begin solicitation of votes on a proposed plan that is supported by the official committee of unsecured creditors appointed for the case. The plan confirmation hearing is scheduled for Sept. 12.

“Out of an abundance of caution, and to ensure an orderly plan confirmation process and that the considerable progress already achieved in these Chapter 11 vases is not disrupted, the debtors seek a modest additional 60-day extension of the exclusive periods,” the motion said.

“A premature expiration of exclusivity at this critical juncture of these Chapter 11 cases would result in needless distraction and potentially costly and unnecessary instability to the detriment of the debtors’ estates and creditors.”

A hearing is scheduled for Sept. 17.

Aceto is a Port Washington, N.Y.-based developer, marketer, seller and distributor of human health products, pharmaceutical ingredients and performance chemicals. The company filed bankruptcy on Feb. 19, 2019 under Chapter 11 case number 19-13448.

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