MTE Holdings secures three-month extension of exclusive plan periods

By Caroline Salls

Pittsburgh, Feb. 25 – MTE Holdings LLC received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period was extended through May 19 from Feb. 19 and the solicitation period through July 20 from April 20.

According to the motion, MTE was mired in litigation concerning its corporate governance since the inception of its Chapter 11 cases.

As a result, the company said it has been unable to lay the groundwork for proposing a plan within the timeline of their previous exclusive periods.

With the approval of a corporate governance settlement, which was also secured on Monday, MTE said it will be able to essentially start these cases from scratch “and get down to the business of reorganizing,” including filing a claim deadline motion, assessing the more than 800 mechanics’ liens filed and obtaining debtor-in-possession financing.

MTE is a Midland, Tex.-based holding company. The company filed bankruptcy on Oct. 22 under Chapter 11 case number 19-12269.

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