Quaker Fabric receives two-month exclusivity extension

By Caroline Salls

Pittsburgh, Jan. 24 - Quaker Fabric Corp. obtained an extension to its exclusive periods to file a plan of liquidation and to solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Feb. 18 from Dec. 14 and the solicitation period to April 18 from Feb. 12.

In the order, judge Kevin Gross said any plan filed by Quaker Fabric during the exclusivity period must be approved by the company's official committee of unsecured creditors.

According to the motion, the company has sold its assets, launched a wind down of its operations, completed a draft of its liquidating plan and sent the draft to the official committee of unsecured creditors for review.

However, Quaker Fabric said its needs more time to finalize the plan.

Quaker Fabric, a Fall River, Mass., designer, manufacturer and marketer of woven upholstery fabrics for residential furniture, filed for bankruptcy on Aug. 16. Its Chapter 11 case number is 07-11146.

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