Interstate Bakeries obtains four-month DIP maturity extension to explore plan alternatives

By Reshmi Basu

New York, Dec.19 - Interstate Bakeries Corp. received court approval to extend the maturity date of its debtor-in-possession financing to June 2, 2008 from Feb. 9, according to a Wednesday filing with the U.S. Bankruptcy Court for the Western District of Missouri.

As previously reported, the company wanted more time to explore alternatives to its current reorganization plan.

In addition, Interstate said the DIP extension will let it continue to work with all its constituents to refine its reorganization plan and to allow its unsecured creditors and equity committee to research other avenues for emergence.

The Kansas City, Mo., bakery operator filed for bankruptcy on Sept. 22, 2004. Its Chapter 11 case number is 04-45814.

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