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EZRA Holdings on Friday said the US court has granted an extension of time for it to file a reorganisation plan under Chapter 11 of the United States Bankruptcy Code, and to solicit the necessary votes.
The deadline - known as an exclusive period - to file a reorganisation plan has been extended to Feb 19, 2018. Ezra also now needs to solicit acceptances of the plan of reorganisation by April 12, 2018.
Once a debtor has filed a bankruptcy petition in the US, the Bankruptcy Code gives it the exclusive right to file a plan of reorganisation for 120 days, unless extended, an online article from US law firm Jones Day showed.
It is deemed an exclusive period as no competing plans would be accepted in this time.