Covanta seeks extension in exclusive period

New York, Jan. 30 - Covanta Energy Corp. asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusive period to file a plan of reorganization to March 29 and to solicit acceptances to April 28.

The exclusive filing period currently ends on Feb. 23 and the solicitation period on March 24.

In a filing with the bankruptcy court on Jan. 29, Covanta noted that it has already filed its plans, obtained approval for the disclosure statement and begun soliciting creditors' votes in favor.

But it said the administrative burden and the uncertainties of the Chapter 11 process may require the confirmation hearing currently scheduled for March 3 to be adjourned.

As a result it is seeking the further extension "out of an abundance of caution."

A hearing on the motion will be held on Feb. 11.

Covanta, a Fairfield, N.J., power generation and water and waste water company, filed for Chapter 11 on April 1, 2002. Its Chapter 11 case number is 02-40826.

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