Management has filed a request to extend the process to Spring 2020.
This includes the debtor-in-possession’s (“DIP” — i.e., management and the board) period of exclusivity to file a plan of reorganization. During that time, no other plans from creditors or potential hostile acquirers can be filed.
The brief motion lays out management’s list of accomplishments to date and their rationale.
Based on painful experience elsewhere, I’m not surprised they need more time for a complex bankruptcy like this — that’s typical if a big, complex company’s not going to be liquidated.
Exclusivity is typical, too, although another 9 months is a long time.
We’ll see what the creditors say.