Yarway exclusivity extension OK'd for committee to assess information

By Kali Hays

New York, April 8 - Yarway Corp. obtained approval for a third extension of its exclusive plan of reorganization filing and acceptance periods, according to an order with the U.S. Bankruptcy Court for the District of Delaware.

The company's filing period will be extended through June 15 from April 17 and its solicitation period through Aug. 14 from June 16.

The company had asked that its filing period be extended through Aug. 15 and its solicitation period through Oct. 14, 2014, and those dates will be granted if the official committee of asbestos claimants does not file an objection to the extension by June 2.

As previously reported, the company requested the extension because it provided the creditors committee and the future claimants representative with additional documents and conducted additional diligence and "the parties are continuing to review and assess all of the information provided," according to the motion.

Yarway, a Boca Raton, Fla.-based industrial valve maker, filed for bankruptcy on April 23, 2013. Its Chapter 11 case number is 13-11025.

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