Granite Broadcasting granted bridge exclusivity extension

By Caroline Salls

Pittsburgh, March 27 - Granite Broadcasting Corp. obtained a bridge extension to its exclusive period to file a plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Since the company's exclusive plan-filing period is set to expire on April 10 and the hearing on the extension is scheduled for April 11, the period was extended to the date the court rules on the full exclusivity extension motion.

As previously reported, the company wants to extend its exclusive plan-filing period to July 31 from April 10 and the solicitation period to Sept. 28, 2007 from June 9.

According to the motion, the company has already filed a plan and obtained court approval of the disclosure statement on March 2, and Granite has begun soliciting votes on the plan.

A plan confirmation hearing is scheduled to begin on April 16, six days after the exclusive filing period is set to expire and well within the solicitation period.

Granite said it expects confirmation of the plan to be contested.

While Granite said it believes the plan is confirmable, if the court does not confirm it, the company said it intends to negotiate a new plan quickly.

Granite said an extension of the exclusive periods will help facilitate those negotiations.

Granite, a New York-based owner and operator of network-affiliated television stations, made a pre-packaged Chapter 11 filing on Dec. 11. Its Chapter 11 case number is 06-12984.

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