GSI Group wants to extend exclusivity periods after plan confirmation

By Lisa Kerner

Charlotte, N.C., June 3 - GSI Group, Inc. requested a 60-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to Aug. 16 from June 17 and the solicitation period to Oct. 15 from Aug. 16.

GSI's plan of reorganization was confirmed on May 27 but is not expected to become effective for at least 60 days on account of, inter alia, the rights offering contemplated by the confirmed plan, the filing said.

The company wants to prevent any possible derailing of its Chapter 11 cases by the filing of a competing plan.

A hearing is scheduled for June 22.

Bedford, Mass.-based GSI makes precision motion component products, lasers and laser-based manufacturing systems. The company filed for bankruptcy on Nov. 20, 2009. Its Chapter 11 case number is 09-14109.

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