JW Resources seeks court approval to extend exclusivity periods

By Mark Reccek

Bethlehem, Pa., Oct. 26 – JW Resources, Inc. requested court authorization to extend its exclusive periods for filing a Chapter 11 plan of reorganization and soliciting votes on the plan, according to a motion filed Oct. 23 with the U.S. Bankruptcy Court for the District of Delaware.

The company is requesting an extension on its exclusive filing period through Dec. 10 and an extension of the solicitation period through Jan. 25.

The company said the extensions are needed to allow it time to confirm and quantify the amount of proceeds available for a Chapter 11 plan, as well as develop a plan that will maximize value for the creditors.

"The debtors are not seeking an extension to unduly pressure their creditors. It is in the best interest of the estates and all creditors that the debtors be given this opportunity to fairly and equitably resolve the bankruptcy cases," the motion said.

A hearing on the extension request is scheduled for Nov. 19.

JW Resources, a Knoxville, Tenn.-based thermal coal producer, filed for bankruptcy on June 30. The Chapter 11 case number is 15-60831.

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