Kimball Hill granted 60-day exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Aug. 12 - Kimball Hill, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The exclusive plan-filing period was extended to 60 days from Aug. 21 and the solicitation period to 60 days from Oct. 20.

Kimball Hill had initially sought a 90-day exclusivity extension but agreed at the request of its creditors committee and pre-bankruptcy agent to modify the request to 60 days, according to a separate court document.

When requesting the extension, the company said it needed more time to continue negotiations with its senior secured pre-bankruptcy lenders and the official committee of unsecured creditors regarding the terms of a plan, as well as to complete the evaluation of its businesses and operations and assess some restructuring alternatives.

Kimball Hill, a Rolling Meadows, Ill.-based homebuilder, filed for bankruptcy on April 23. Its Chapter 11 case number is 08-10095.

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