ClearEdge eyes 90-day exclusivity extension to consider further sales

By Kali Hays

New York, Jul 29 – ClearEdge Power, Inc. is seeking a three-month extension of its exclusive plan of reorganization filing and solicitation periods, according to a Monday motion with the U.S. Bankruptcy Court for the Northern District of California.

The company asked that its exclusive filing period be extended through Dec. 1 from Aug. 29 and its solicitation period through Jan. 28 from Oct. 28.

According to the motion, since filing for bankruptcy ClearEdge has spent its time focusing on maintaining day-to-day operations of the company and negotiations regarding its asset sale while considering the sale of additional assets.

“Until all such transitional obligations and contingencies are completed, the Debtors cannot be certain as to the value and need for remaining equipment, inventory, contracts and other assets. This process will require time to fully explore every opportunity available and maximize value,” the motion stated.

ClearEdge, a Sunnyvale, Calif.-based designer, manufacturer and seller of generation fuel cell systems, filed bankruptcy on May 1. Its Chapter 11 case number is 14-51955.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.