Torch Offshore gets extension to exclusive periods to file plan, solicit votes

By Caroline Salls

Pittsburgh, Aug. 5 - Torch Offshore, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Eastern District of Louisiana.

The company's exclusive period to file a plan was extended to Oct. 15 from Aug. 3 and to solicit votes to Dec. 15 from Oct. 3.

In its motion, Torch said the extension is necessary because of the size and complexity of the case.

The company said it has been formulating the plan, but sizable claims and the sale of its vessels have held up completion.

Torch Offshore, a New Orleans-based offshore pipeline installation and subsea construction company working in the oil and natural gas industry, filed for bankruptcy on Jan. 7, 2005. Its Chapter 11 case number is 05-10137.

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