Education Resources granted two-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Jan. 21 - The Education Resources Institute, Inc. and its official committee of unsecured creditors were granted an extension to their exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

The exclusive plan-filing period was extended to April 3 from Feb. 2 and the solicitation period to June 2 from April 3.

The company and its creditors committee each have the right to file a plan of reorganization, provided the other party consents to the filing of a plan.

When requesting the extension, the company said that although it has satisfied a number of milestones in its bankruptcy case, it still has several unresolved issues to address before it can implement the business plan it has presented to its official committee of unsecured creditors.

The unresolved issues include evaluating and negotiating claims, according to the motion.

The company also cited the size and complexity of its Chapter 11 case.

TERI, a Boston non-profit access-to-education promoter, filed for bankruptcy on April 7, 2008. Its Chapter 11 case number is 08-12540.

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