Toisa exclusive plan vote solicitation period extended through May 18

By Caroline Salls

Pittsburgh, April 19 – Toisa Ltd. obtained an extension to May 18 from April 18 of its exclusive period for soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

The company’s official committee of unsecured creditors and an informal committee of secured lenders agreed to the extension.

As previously reported, 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.

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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