Zohar III asks court to extend exclusive plan periods by 13 months

By Caroline Salls

Pittsburgh, July 6 – Zohar III, Corp. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Zohar asked the court to extend its exclusive plan-filing period through Aug. 21, 2019 from July 9 and the solicitation period through Oct. 21, 2019 from Sept. 7.

In accordance with a settlement agreement, Zohar said it has an initial period of 15 months to monetize its assets, with the possibility of a further three-month extension.

The company said the proposed exclusivity extension is “necessary to the implementation of the settlement agreement,” as it “is intended to tie the expiration of the exclusive periods to the 15-month window.”

A hearing is scheduled for Aug. 21.

Zohar is a Grand Cayman, Cayman Islands-based collateralized debt obligation. The company filed bankruptcy on March 11 under Chapter 11 case number 18-10512.

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