Reichhold wins court OK of 90-day extension of exclusive plan periods

By Kali Hays

New York, Jan. 26 – Reichhold Holdings US, Inc. obtained a three-month extension of its exclusive Chapter 11 plan filing and solicitation periods on Monday, according to an order from the U.S. Bankruptcy Court for the District of Delaware.

The company’s plan filing period is extended through April 28 from Jan. 28 and its solicitation period through June 29, 2015 from March 30.

Upon requesting the extension, Reichhold said that it has made “significant material progress” since the outset of its bankruptcy case and that the additional time “will provide the debtors and their advisors the opportunity to fully negotiate, confirm and implement the terms of a liquidation plan for the distribution of assets to creditors,” according to the motion.

On Jan. 12 the company received court approval to sell substantially all company assets to stalking horse bidder Reichhold Acquisitions Holdings LLC for the aggregate purchase price of $146.75 million.

Reichhold supplies resins for the industrial, transportation, construction, marine, consumer and graphic arts markets. It is based in Durham, N.C. The company filed for bankruptcy on Sept. 30 under Chapter 11 case number 14-12237.

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