Genmar asks for extension on reorganization plans

MINNEAPOLIS — Genmar Holdings has asked Minnesota Bankruptcy Court for extra time to submit its reorganization plans, according to court documents. The company has asked for an extension until Dec. 31 to finalize its plans, and it has asked the court to extend the period within which it may obtain acceptances of those plans through Feb. 28.

Genmar points to the complexity of the case as well as the need to resolve certain contingencies as the reason it requires additional time.

“Because the Debtors have been consumed with initial exigencies that surrounded their cases and are waiting for the exit strategies to take shape, Debtors have not been able to engage in substantive negotiations with the parties-in-interest in these cases, including Senior Lenders, GE, and the Committee, regarding the plans of reorganization and to prepare adequate information for the disclosure statements,” Genmar said in court documents.

In making its case to the court, Genmar points out that there has been no breakdown in negotiations with its creditors and it has kept major constituencies in the case apprised of its progress.

It also notes that its creditors will not be disadvantaged by any extension, as Genmar’s businesses will continue to operate and pay their bills throughout the extension.

A hearing on the motion is set for Sept. 24.

To read the complete court filing, click here.

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