| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Q > Headlines for Quigley Co., Inc. > News item |
Quigley exclusivity extension request draws objection
By Caroline Salls
Pittsburgh, July 20 - Quigley Co. creditors' personal injury representative Reaud, Morgan & Quinn, LLP objected to the company's request for an extension to its exclusive period to solicit votes on its plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The company wants to extend the exclusive period to Nov. 30 from Aug. 1.
Reaud, Morgan & Quinn said Quigley has failed to offer sufficient cause to further extend the exclusive period after having previously been granted substantial extension periods.
According to the filing, "Quigley long anticipated its Chapter 11 filing and entered into discussions with creditors and the putative future claimants' representative well before the September 2004 petition date."
The objection also said that Quigley has repeatedly said agreements were reached with 80% of all personal injury claimants, and those agreements and other negotiations "resulted in consensus on the principal elements of a Chapter 11 plan."
In its motion for the extension, Quigley said the extension is needed because it is in negotiations with parent Pfizer Inc., the creditors committee and the representative of holders of future asbestos personal injury claims on more intricate terms of the plan.
Although it has resolved most, if not all, of the information gaps in the disclosure statement, Quigley said there are a number of open issues still to be addressed.
A hearing on the exclusivity extension is scheduled for Tuesday.
Quigley, a unit of Pfizer Inc., filed for bankruptcy on Sept. 3, 2004. Its Chapter 11 case number is 04-15739.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.