Genmar gets extension for reorganization plans

MINNEAPOLIS — A Minnesota Bankruptcy Court judge has granted Genmar an extension to file reorganization plans until Nov. 4, according to court documents. The order also gives Genmar until Jan. 3 to obtain acceptances of those plans.

Genmar had asked for an extension until Dec. 31 to finalize plans and until Feb. 28 to obtain acceptances. The court noted that the only objection came from Genmar’s Committee of Unsecured Creditors.

Another hearing on Genmar’s original request and the committee’s objection, which will determine whether the periods to file plans of reorganization and to obtain acceptances will be further extended to the dates Genmar proposed, will be held on Nov. 4.

In a related filing, Genmar was also given until Nov. 4 to assume or reject a number of property leases, provided that it pays MB Minneapolis 8th Street, LLC June 2009 rent in the amount of $108,026. Genmar had asked for more time to decide how to handle the leases as it finalizes its reorganization plans.

A hearing on whether to extend that deadline further will also be held on Nov. 4.

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