Metex Mfg. secures exclusivity extension to allow plan negotiations

By Caroline Salls

Pittsburgh, April 10 - Metex Mfg. Corp. obtained an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive filing period was extended through May 15 from March 11 and the solicitation period through July 15 from May 9.

According to the motion, the company needs more time to negotiate a Chapter 11 plan with parties in interest.

Metex said its official committee of unsecured creditors was formed later than it expected, and a future claimants' representative (FCR) was not appointed until six weeks after the bankruptcy case was filed.

"The committee is still completing its diligence of the debtor, as evidenced by the committee's anticipated retention of various financial, legal and valuation experts," Metex said in the motion.

"The debtor requires additional time to negotiate a Chapter 11 plan with the committee and FCR after the committee and FCR complete their diligence of the debtor."

Metex, a Great Neck, N.Y.-based tile manufacturer, filed for bankruptcy on Nov. 9. Its Chapter 11 case number is 12-14554.

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