Transmar asks for two more months to negotiate plan of liquidation

By Caroline Salls

Pittsburgh, April 25 – Transmar Commodity Group Ltd. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Transmar asked the court to extend its exclusive filing period by 60 days through June 29 and the solicitation period by 60 days through Aug. 28.

The company said it “believes that the proposed extension of exclusivity will provide sufficient additional time to allow the debtor to negotiate with its pre-petition lenders and the committee and formulate a confirmable Chapter 11 plan of liquidation.”

A hearing is scheduled for May 11.

Morristown, N.J.-based Transmar operates as a full-service cocoa trading and cocoa butter product supplier to the international confectionary industry. The company filed for bankruptcy on Dec. 31 under Chapter 11 case number 16-13625.

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