Outer Harbor Terminal granted exclusivity extension to analyze claims

By Caroline Salls

Pittsburgh, Oct. 17 – Outer Harbor Terminal, LLC obtained an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended by 90 days through Dec. 27 and the solicitation period by 90 days through Feb. 27.

“Now that the debtor’s wind down is substantially complete, the debtor and its advisers are primarily focused on developing a path to a potential plan of liquidation for the benefit of its creditors,” Outer Harbor said in the motion.

To that end, the company said it has spent the past couple of months analyzing and exploring potential settlements of some of the larger claims filed against the estate, including large claims that potentially could have some priority or administrative expense status.

“Even though the debtor currently maintains a significant cash balance in its accounts, the resolution and reduction of these larger claims (either through settlement or via a claims objection or estimation) is critical to ensuring that the debtor will have sufficient funds to make a meaningful distribution to creditors under a liquidating plan,” the motion said.

Although it has already made progress in the claims reconciliation process, Outer Harbor said it will need more to time to analyze and resolve the remaining claims that will impact plan distributions or potentially affect a plan’s feasibility before it can formulate a plan and estimate potential distributions to creditors.

Based in Oakland, Calif., Outer Harbor is a provider of container terminal operation and stevedore services at the Port of Oakland. The company filed for bankruptcy on Feb. 1, 2016 under Chapter 11 case number 16-10283.

© 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.