Summit Financial seeks exclusivity extension to explore alternatives

By Caroline Salls

Pittsburgh, July 11 – Summit Financial Corp. is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Summit is asking the court to extend its exclusive plan-filing period by 90 days through Oct. 18 and the solicitation period through Dec. 18.

According to the motion, the company has been exploring financing alternatives and is looking to negotiate alternatives that would be acceptable to all constituencies of the plan.

“This request is made in order to ensure the debtor is able to continue its in-depth and advanced discussions with the various financing parties, that additional due diligence can take place and to have sufficient time to obtain binding commitment letters without the threat of competing plans of reorganization being filed that may not maximize value,” the motion said.

“In addition, time is necessary to formulate alternatives to the financing option.”

The company has requested a July 25 hearing.

Plantation, Fla.-based Summit provides financing by purchasing and servicing retail installment sales contracts. The company filed bankruptcy on March 23 under Chapter 11 case number 18-13389.

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