GSI Group eyes exclusivity extension amid plan change negotiations

By Caroline Salls

Pittsburgh, March 5 - GSI Group, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to June 17 from March 19 and the solicitation period to Aug. 16 from May 18.

As previously reported, GSI obtained court approval of the disclosure statement for its plan of reorganization in January.

However, the company said it has recently revised its business plan based on improved performance and improvements in the capital markets, and it is negotiating possible changes to the plan that would enhance distribution to shareholders.

A hearing is scheduled for March 23.

Bedford, Mass.-based GSI makes precision motion component products, lasers and laser-based manufacturing systems. The company filed for bankruptcy on Nov. 20. Its Chapter 11 case number is 09-14109.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.