Trainor Glass has filed a motion with the U.S. Bankruptcy Court for the Northern District of Illinois asking for an extension of time to file its Chapter 11 plan with the court. The plan had been expected to be filed between January 8 and March 9, but counsel for the company is seeking an extension to file it between March 11 and May 8 of this year.
Within the latest motion, Trainor officials note that they have “been working to liquidate [the company’s] assets and [have] been consulting and working with the committee [of unsecured creditors] and [creditor] First Midwest Bank to formulate a plan in this case.”
“The debtor intends to continue this process,” writes the company. “The debtor believes that an extension of its exclusive right to file a plan is in the best interest of all creditors and other parties in interest.”
Counsel for Trainor, which filed for Chapter 11 bankruptcy in March 2012, also point out that both the committee of unsecured creditors and First Midwest Bank, to which the company owed $34 million at the time of its bankruptcy filing, support their request for an extension of time.
At press time, the court had not yet ruled on the motion.