Caribe Media seeks 120-day exclusivity extension to avoid disruptions

By Caroline Salls

Pittsburgh, Aug. 30 - Caribe Media, Inc. requested an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to Dec. 29 from Aug. 31 and the solicitation period to Feb. 27 from Oct. 30.

As previously reported, Caribe Media filed a plan on Aug. 18. The company said it nearly completed negotiation of a global settlement that calls for the termination, amendment or transition of intercompany contracts, the transition of management resources and the settlement of all intercompany claims and accounts.

"The debtors are now poised to pursue plan confirmation and believe that a 120-day extension of the exclusive periods will provide important protection against any unnecessary disruptions as the debtors progress to plan confirmation," Caribe Media said in the motion.

A hearing is scheduled for Sept. 20.

Caribe Media, an Englewood, Colo.-based publisher of directories in Puerto Rico and the Dominican Republic, filed for bankruptcy on May 3. The Chapter 11 case number is 11-11387.

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