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Ciena Capital receives shorter-than-requested exclusivity extension
By Caroline Salls
Pittsburgh, April 28 - Ciena Capital LLC obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The company's exclusive plan-filing period was extended to Aug. 31 from April 28 and the solicitation period to Oct. 30 from June 29.
As previously reported, Ciena asked the court to extend the exclusive periods to Oct. 26 and Dec. 28, 2009, respectively.
Ciena cited the size and complexity of its bankruptcy case.
"The operational, financial and business challenges facing the debtors are significant, and their resolution will require effort, time and diligence," the company said in the motion.
Ciena is a New York-based portfolio company for Allied Capital, a business development company that invests long-term debt and equity capital in middle market businesses. The company filed for bankruptcy on Sept. 30, 2008. Its Chapter 11 case number is 08-13783.
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