Torch Offshore asks to extend exclusive periods

By Caroline Salls

Pittsburgh, April 8 - Torch Offshore Inc. asked for an extension to its exclusive periods in a filing with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The New Orleans-based offshore pipeline installation and subsea construction company asked for its exclusive period to file a plan and the period in which it has been ordered to file a plan to be prolonged to Aug. 5 from May 6 and its exclusive period to when the plan is to be accepted to Oct. 3 from July 5.

"Since the petition date, the debtors have diligently worked towards formulating and eventually filing a Chapter 11 plan in these proceedings; however, the proceedings involve sizable claims," Torch Offshore said in the filing, made Thursday.

According to the filing, the debtors and their professionals have devoted substantial time and effort into stabilizing the business, including resolving customer concerns and handling employee issues.

Also, the company says proceedings have been highly contentious to this point.

The company has therefore been unable to complete the formulation of a Chapter 11 plan.

Torch Offshore filed for bankruptcy on Jan. 7. Its Chapter 11 case number is 05-10137.

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