Zais Investment Grade petitioners ask court to terminate exclusivity

By Caroline Salls

Pittsburgh, April 29 - Zais Investment Grade Ltd. VII's involuntary bankruptcy petitioners asked the U.S. Bankruptcy Court for the District of New Jersey to terminate the company's exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Friday court filing.

According to the motion, the petitioning creditors filed their own pre-packaged plan of reorganization for Zais in March before filing the involuntary bankruptcy case on April 1.

The solicitation of the creditors' pre-packaged plan closed on April 15, and the petitioning creditors said they believe the senior noteholders class, which was the only class entitled to vote on the plan, voted to accept it.

The petitioning creditors said Zais does not intend to file its own plan.

Zais is a Cayman Islands-based investment company. The involuntary Chapter 11 case number is 11-20243.

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