Huffy gets exclusivity extension to file plan, solicit votes; co-exclusive filing period begins July 21

By Caroline Salls

Pittsburgh, July 19 - Huffy Corp. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan and a co-exclusive period to file a plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Ohio.

The company's exclusive period to file a plan was extended to July 20 from July 12 and to solicit votes to Sept. 30 from Sept. 10.

After July 20, the period to file a plan was extended to Sept. 10, but on a co-exclusive basis with China Export and Credit Insurance Co. and the official committee of unsecured creditors.

If a plan filed by July 20, with any modifications and amendments approved by the committee and the Sinosure Group, is not pending court approval during the co-exclusive filing period, then any or all of Huffy, the committee or Sinosure may also file a plan, according to the filing.

In its motion for the exclusivity extension, Huffy said it has been in discussions with the official committee of unsecured creditors as well as some key creditors and suppliers regarding formulation of a plan.

The company said the extension is necessary because of the size and complexity of the case.

"As the court is well aware, these jointly administered cases consist of 20 debtors, which include Canadian entities. The shear magnitude of the volume of debtors combined with the international implications indicate the large and complex nature of bankruptcy-related tasks at hand," Huffy said in the motion.

Also, Huffy said not only does it need to meet the requirements of U.S. bankruptcy code but also of the Companies' Creditors Arrangement Act of Canada.

Huffy, a Miamisburg, Ohio-based bicycle and sporting goods company, filed for bankruptcy on Oct. 20, 2004. Its Chapter 11 case number is 04-39148.

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