Southaven Power requests 180-day exclusivity extension

By Jennifer Lanning Drey

Eugene, Ore., June 5 - Southaven Power Co., LLC requested a 180-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Western District of North Carolina.

The company wants to extend the exclusive plan filing period to Jan. 15, 2007 from July 17 and the solicitation period to March 12, 2007 from Sept. 11.

Southaven said in the motion that some of its primary assets in the bankruptcy case are claims in ongoing arbitration related to a dependable capacity and conversion services agreement.

The arbitration was scheduled to take place from Oct. 17 to Oct. 25, 2005, and Southaven said it had previously asked for an extension to allow the arbitration to conclude prior to its filing of a plan of reorganization.

However, it now appears that the arbitration will not conclude until the fall of 2006, according to the motion.

Southaven Power, an energy and transportation company based in Southaven, Miss., filed for bankruptcy on May 20, 2005. Its Chapter 11 case number is 05-32141.

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