In Re Express One International, Inc.
United States Bankruptcy Court for the Eastern District of Texas
194 B.R. 98 (1996)
- Written by Philip Glass, JD
Facts
Chapter 11 debtor-in-possession Express One International, Inc. (Express One) (debtor), a business involved in international and interstate commerce with a multitude of prepetition claims and creditors, filed a reorganization plan and disclosure statement during its second exclusivity period, on January 18, 1996. Express One’s Chapter 11 case was complicated, a fact arising from the substantial size of its business. Kitty Hawk Charters, Inc. (Kitty Hawk) (creditor) sought termination of Express One’s second exclusivity period on the grounds that Kitty Hawk’s proposed plan would confer benefits greater than Express One’s plan. In response, Express One sought a third extension of its exclusivity period, which would extend its exclusivity concerning the ability to propose a Chapter 11 plan to an entire year without injuring creditors’ interests or perpetually extending Chapter 11 proceedings. Moreover, a third extension would enable Express One to secure creditors’ acquiescence to its disclosure statement. The creditor’s committee endorsed Express One’s plan and took an impartial stance concerning the disclosure statement. The bankruptcy court heard the matter.
Rule of Law
Issue
Holding and Reasoning (Sharp, J.)
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