DirecTV Latin America has won extra time to complete Chapter 11 reorganization from the U.S. Bankruptcy Court in Wilmington, Delaware. It now has until November 17 to present a business plan and until January 16 to win approval for the reorganization from creditors.
The original deadlines were July 16 and September 12 respectively. DirecTV LA filed the petition for more time on June 27, arguing that reorganization is a complex process involving separate negotiations with several creditors and that a business plan can?t be presented until these talks are concluded. It also noted that longer periods are traditionally granted in Chapter 11 cases, often allowing up to nine months for reorganization.