Ormet obtains extension to exclusive periods

New York, Oct. 1 - Ormet Corp. obtained an extension to its exclusive periods from the U.S. Bankruptcy Court for the Southern District of Ohio, according to a filing with the court Thursday.

The Wheeling, W.Va.-based aluminum company's exclusive right to file a plan of reorganization will now end on Dec. 31 instead of Sept. 24 and its exclusive right to solicit votes on March 1, 2005 instead of Nov. 24.

Ormet had asked for the solicitation period to be extended to March 31. The court did not explain its decision to grant a shorter period in its order.

Requesting the extensions, Ormet said it has filed a reorganization plan but wants the extension "out of an abundance of caution."

Ormet cited the size and complexity of its case as well as other factors.

Ormet filed for bankruptcy on Jan. 30, 2004. Its Chapter 11 case number is 04-51255.

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