Toisa exclusive plan-vote solicitation period extended through Jan. 8

By Caroline Salls

Pittsburgh, Dec. 4 – Toisa Ltd.’s exclusive period for solicitation of votes on a Chapter 11 plan was extended through Jan. 8, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

In addition, the order states that no other party in interest may file a Chapter 11 plan in the Toisa cases until the company’s exclusive solicitation period expires.

The exclusive solicitation period was previously scheduled to expire on Nov. 30.

As previously reported, Toisa filed its joint plan of reorganization and related disclosure statement on Aug. 15. The company said the plan was filed then “to provide a path forward” and comply with a milestone set in its final cash collateral order.

On Sept. 19, an informal secured lenders committee provided the company with a formal response to the plan in the form of a term sheet that called for the right of each secured vessel lender to credit bid for the vessel that secures that lender’s vessel facility.

Toisa said it subsequently agreed with the informal committee, as well as the official committee of unsecured creditors appointed for the bankruptcy case, to seek mediation in an effort to work toward a consensual plan.

Toisa is a Hamilton, Bermuda-based shipping business. The company filed bankruptcy on Jan. 29, 2017 under Chapter 11 case number 17-10184.

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