Torch Offshore creditors object to exclusivity extension

By Caroline Salls

Pittsburgh, April 19 - Torch Offshore, Inc.'s creditors committee filed an objection Tuesday to the company's request for an extension of its exclusivity period to file a plan of reorganization, according to a filing with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The committee said if Torch Offshore has no intention of pursuing its proposed sale under a plan of reorganization then the exclusivity period should be terminated to allow the committee to file a creditor cramdown plan.

The New Orleans-based offshore pipeline installation and subsea construction company is asking 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.

Torch filed for reorganization under Chapter 11 on Jan. 7. The New Orleans-based offshore pipeline installation and subsea construction company's case number is 05-10137.

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