GSI Group exclusivity periods extended beyond plan confirmation date

By Lisa Kerner

Charlotte, N.C., June 22 - GSI Group, Inc.'s request for a 60-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan was approved on Tuesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the company's exclusive filing period to Aug. 16 from June 17 and the solicitation period to Oct. 15 from Aug. 16.

As previously reported, 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.

GSI, in requesting the extension, said it wants to prevent any possible derailing of its Chapter 11 cases by the filing of a competing plan.

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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