Zohar III gets nod to extend exclusive plan-filing period to Aug. 21

By Caroline Salls

Pittsburgh, Jan. 8 – Zohar III, Corp. secured an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Zohar’s exclusive plan-filing period was extended through Aug. 21, 2019 from Jan. 9 and the solicitation period through Oct. 21, 2019 from March 7.

Since the filing of its first extension motion, the company said the Zohar debtors, in cooperation with their stakeholders, have achieved significant progress in their ongoing efforts to maximize the value of their assets through the monetization process and to otherwise move their Chapter 11 cases forward in accordance with a previously announced settlement.

“Nonetheless, despite these significant efforts and accomplishments, much work remains to be done,” the motion said.

“Given the litigation stay, no prejudice, tolling and preservation of rights provisions of the settlement agreement and the significant progress that has been made to-date in these Chapter 11 cases, the debtors submit that a further extension of the exclusive periods is not only warranted on the merits, but necessary to the continued implementation of the settlement.”

Zohar is a Grand Cayman, Cayman Islands-based collateralized debt obligation. The company filed bankruptcy on March 11, 2018 under Chapter 11 case number 18-10512.

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