Del. Judge Denies Horsehead Ch. 11 Deadline Extension Bid
Law360, Wilmington (April 6, 2016, 8:01 PM EDT) -- A Delaware bankruptcy judge rejected an unsecured creditor group’s bid to extend metals recycler Horsehead Holdings LLC’s Chapter 11 deadlines Wednesday, setting aside claims that the company’s biggest lenders were fast-tracking a debt-for-equity takeover.
U.S. Bankruptcy Judge Christopher S. Sontchi said Pittsburgh-based Horsehead remains in financial distress and should be allowed to continue on its current, negotiated schedule, which now calls for filing of a restructuring plan for its $420 million debt by Monday.
The company’s official committee of unsecured creditors took part in talks on that schedule, Judge Sontchi said after a Horsehead attorney cautioned that key metals markets remain...
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