Ft. Lauderdale, Fla.-based NationsRent is seeking court approval to extend its exclusive periods in which it can file a reorganization plan and lobby creditors for support.
According to court papers obtained by Dow Jones Newswires, the company wants until Aug. 16 to file a plan and to Oct. 16 to solicit creditor approval. A hearing date on the issue was set for April 26 in the U.S. Bankruptcy Court in Wilmington, Del.
If the court turns down the company's request, one exclusive period would have expired as of April 16 while the other will expire June 17. Because the company filed its motion on April 8, it will maintain exclusivity until the court rules on its request.
NationsRent also said it finalized a business plan and intends to work with its lenders and unsecured creditors committee to review the plan and develop a new capital structure that would provide the foundation for a plan of reorganization.
The official committee of unsecured creditors involved in the Chapter 11 bankruptcy is objecting to the company's request to extend its exclusive right to file a reorganization plan.
The committee said it doesn't object to an extension of the exclusive filing period through June 30, which is the date fixed by the final debtor-in-possession order and DIP loan documents for the company to file a plan. The objection also said that the committee reserves the right to end exclusivity either before or after the company files a plan.
NationsRent is No. 6 on the new RER 100.