Open Road Films secures third exclusivity extension to prosecute plan

By Caroline Salls

Pittsburgh, July 23 – Open Road Films, LLC obtained a third 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.

Open Road’s exclusive filing period was extended by three months through Oct. 10 from July 10 and the solicitation period through Dec. 6 from Sept. 6.

The company said it has focused time and attention in recent months on negotiating a global settlement, which was approved by the court on June 11, as well as other settlements.

Following approval of these settlements, Open Road said it worked swiftly to finalize a joint Chapter 11 plan and the accompanying disclosure statement and related solicitation materials. The plan was filed last week.

“Given the foregoing considerable progress in a short period of time, the debtors submit that the complexity and relatively short duration of these cases warrant the extension of the exclusive periods, so that the debtors can focus on finalizing and then prosecuting their Chapter 11 plan, without the distraction of competing plans,” the motion said.

Open Road is a Los Angeles-based film operation. The company filed bankruptcy on Sept. 6, 2018 under Chapter 11 case number 18-12012.

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