Allied Nevada Gold gets four-month extension of exclusivity periods

By Mark Reccek

Bethlehem, Pa., Aug. 26 – Allied Nevada Gold Corp. received approval to extend its exclusive periods for filing a Chapter 11 plan of reorganization and soliciting votes on the plan, according to an order issued Aug. 26 from the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended through Nov. 5 from July 8 and its solicitation period was extended through Jan. 4 from Sept. 6.

Allied said in its June 23 extension motion that it was in negotiations with its main creditor constituencies related to the revision of the valuation analysis that forms the basis of the plan.

As previously reported, the company’s official committee of equity security holders objected to the plan, claiming that Allied’s going-concern valuation is billions of dollars below what it should be.

Allied Nevada is a Reno, Nev., gold and silver miner that filed for bankruptcy on March 10. Its Chapter 11 case number is 15-10503.

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