Ampex obtains three-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., July 23 - Ampex Corp. was granted a three-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The exclusive plan-filing period was extended to Oct. 26 from July 28 and the solicitation period to Dec. 25 from Sept. 26.

When requesting the extension, Ampex said that although it had already filed a plan and received court approval for the disclosure statement, the original exclusive periods did not provide a realistic amount of time for the company to solicit votes on the plan.

The company also said there was a risk that the exclusive periods would expire before the plan was confirmed.

Ampex, a Redwood City, Calif., technology licensing company, made a pre-packaged bankruptcy filing on March 30. Its Chapter 11 case number is 08-11094.

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