Toisa wins exclusive solicitation period extension to craft new plan

By Caroline Salls

Pittsburgh, April 2 – Toisa Ltd. obtained an extension to April 18 of its exclusive period for soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

The exclusive solicitation period was scheduled to expire on Jan. 18, but the company obtained a bridge extension pending a hearing on the motion.

According to the motion, the parties to Toisa’s Chapter 11 case agreed in a November mediation session “to work together on a different plan structure” after shareholder Gregory Callimanopulos said he was no longer interested in sponsoring the company’s plan.

As a result, Toisa said the debtors are “in many ways ... restarting their cases and for that reason, seek an extension of the exclusive solicitation period to allow for time to negotiate a new Chapter 11 plan.”

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

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