Plastiq gets extension of exclusive plan filing, solicitation periods

By Sarah Lizee

Olympia, Wash., Aug. 28 – Plastiq, Inc. secured a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the court extended the exclusive plan filing period through Dec. 20 and the exclusive solicitation period through Feb. 19.

As previously reported, the company has filed a plan and received conditional approval of the disclosure statement.

The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for Sept. 14.

If the court concludes that the disclosure statement and plan fail to satisfy the confirmation standards of the bankruptcy code, the extensions will afford the debtors enough time to propose a viable plan and disclosure statement without interference and distractions brought by competing plans, the company said.

Maintenance of the debtors’ exclusive right to file a plan safeguards the optimal use of estate resources for the benefit of all of the debtors’ stakeholders, Plastiq said.

San Francisco-based Plastiq provides a software platform for business-to-business payment automation. The company filed bankruptcy on May 24 under Chapter 11 case number 23-10671.

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