Aphton requests two-month exclusivity extension following asset sale completion

By Caroline Salls

Pittsburgh, Aug. 25 - Aphton Corp. requested a two-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan filing period to Nov. 19 from Sept. 20 and the solicitation period to Jan. 18 from Nov. 19.

According to the motion, the company has been focusing on the sale of substantially all of its assets and now can begin formulating a plan of reorganization.

In addition, Aphton said it will continue to meet with its official committee of unsecured creditors to negotiate the possibility of filing a joint plan.

A hearing is scheduled for Sept. 25.

Aphton, a Philadelphia-based biopharmaceutical company, filed for bankruptcy on May 23. Its Chapter 11 case number is 06-10510.

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