Crescent Jewelers, Friedman's granted shorter-than-expected exclusivity extension

By Caroline Salls

Pittsburgh, Dec. 4 - Crescent Jewelers and Friedman's Inc. obtained a shorter-than-expected extension to their exclusive period to file a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The companies' exclusive plan-filing period was extended to Dec. 31 from Dec. 15, although it originally asked the court to extend the exclusive period to Feb. 13.

Friedman's and Crescent said they have been negotiating the terms of a reorganization plan with their creditors committee and other constituencies and expect to propose a plan soon.

The companies noted they have overcome many of the complexities that prevented a plan from being filed soon, but there is still much to do to maintain the day-to-day administration of the cases.

Crescent Jewelers, an Addison, Texas, jewelry retailer, filed for bankruptcy on Jan. 28, 2008. Its Chapter 11 case number is 08-10161.

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