At the behest of Betterecycling Corporation, Judge Enrique S Lamoutte Inclan of the U.S. Bankruptcy Court for the District of Puerto Rico extended through and including October 7, 2020, and December 6, 2020, respectively, the periods within which the Debtor has the exclusive right to file and solicit acceptances to a Chapter 11 plan.
Due to the proximity between the date in which appraisals are expected to be received and the expiration of the exclusivity period, the Debtor deems more proper and beneficial to the parties and the estate to seek a brief extension of the exclusivity
Although the Debtor hoped for the prior 45 days extension to provide the necessary time to complete this intended exercise, it is widely known that current circumstances are not optimal and challenging for the parties, agents, and professionals.
Since the filing of the petition, the Debtor has been managing its affairs and operating its business. The Debtor seeks a reasonable time which will allow parties to confer, address the feasibility of their efforts, allow the lenders a reasonable space to go through their decision-making structure, and for the parties to inform the Court in a short timeframe as to the course to follow ahead.
About Betterecycling Corporation
Betterecycling Corporation produces gasoline, kerosene, distillate fuel oils, residual fuel oils, and lubricants.
Based in San Juan, P.R., Betterecycling Corporation filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No. 17-04157) on Jun. 9, 2017.
The Honorable Enrique S. Lamoutte oversees the case. Lugo Mender Group, LLC is the Debtor’s legal counsel.