10. The holidays of the Jewish and Christian Passover in April delayed the processing of these offers and the effective progress of the file; Acceptance of one of the two offers will enable the Debtor to make a proposal to its creditors before the expiry of the additional period to be granted; Since 9 March 2017, the process to identify potential buyers has continued and several parties have been contacted.
12. In early April 2017, offers were received from various parties, which should be analyzed and clarified. Two of the offers appear to be able to allow full payment of secured claims and a significant dividend for unsecured creditors.
13. However, given certain restrictions caused by religious holidays during the weeks of April 9 and April 16, Passover and Easter, we were not able to move forward effectively.
14. The Debtor submitted an application to the court for an extension of time to submit a proposal. This period is necessary in order to determine which of the tenders can be selected, with a view to making a viable proposal to the debtor's creditors.
15. In view of the fact that the Debtor plans to maintain a positive cash position, as presented in the Statement of Cash Flow Statement covering the period of time requested and referred to as Exhibit B, the requested extension can not cause serious prejudice to One or the other of its creditors.
16. If one of the two offers materializes, the Debtor will be able to make a proposal to its creditors during this extension. However, if the extension was not granted, a bankruptcy would result and it is likely that the value of the asset will be negatively affected.
17. In light of the foregoing, the Trustee recommends an extension of time to May 26, 2017.