Outer Harbor Terminal seeks exclusivity extension to settle claims

By Caroline Salls

Pittsburgh, Dec. 22 – Outer Harbor Terminal, LLC is seeking an extension of the exclusive periods during which only the company can file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Texas.

Outer Harbor wants to extend its exclusive filing period by 90 days through March 27 and the solicitation period through May 26.

Because its wind down is substantially complete, the company said it is now primarily focused on completing the claims reconciliation process and formulating and proposing a plan of liquidation for the benefit of its creditors.

Outer Harbor said it believes it will be able to settle some of its pending claims objections and that those anticipated settlements will enable it to make a distribution to creditors.

As a result, the company said it is seeking the extension to allow it to finalize and document the anticipated claim settlements and complete the drafting of its plan of liquidation and disclosure statement.

A hearing is scheduled for Jan. 12.

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.

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