AIG Financial Products secures fourth exclusivity extension

By Sarah Lizee

Olympia, Wash., March 14 – American International Group, Inc. subsidiary AIG Financial Products Corp. received a fourth extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period by 98 days through June 14 and the exclusive solicitation period by 98 days through Aug. 14.

AIG filed a plan and disclosure statement on the first day of its Chapter 11 case, but shortly after, former executives of the company sought dismissal of the case and requested that the court rule on the dismissal before considering approval of the disclosure statement.

The debtor consented to their request to delay any actions with respect to the plan and disclosure statement until after a dismissal hearing was held.

Following the court’s denial of the motion to dismiss, the company said it has been focused on progressing both mediation and an adversary proceeding against the former executives.

The company said it believes that the exclusive periods should be extended, as competing plans would only serve as a distraction from current efforts.

The Wilton, Conn.-based financial products company filed Chapter 11 bankruptcy on Dec. 14, 2022 under case number 22-11309.

© 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.