LB Steel seeks OK of 60-day extension of exclusivity periods

By Mark Reccek

Bethlehem, Pa., Jan. 15 – LB Steel LLC requested court approval to extend its exclusive Chapter 11 plan filing and vote solicitation periods, according to a motion filed Friday with the U.S. Bankruptcy Court for the Northern District of Illinois.

The company is requesting to extend its exclusive filing period through April 18 and the solicitation period through June 17.

LB Steel said the extensions are justified to allow it more time to prepare and file a reorganization plan and disclosure statement.

“The debtor originally expected to be in a position to sell its assets in advance of its statutory deadlines. However, the debtor needs to extend the sale process, which will now conclude after the debtor’s statutory deadlines,” the motion said.

A hearing on the rescheduling motion is set for Jan. 20.

LB Steel is a Harvey, Ill.-based producer of strip plate mills. The company filed bankruptcy on Oct. 18 under Chapter 11 case number 15-35358.

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