Pemco World Air Services seeks 120-day extension for exclusive periods

By Jim Witters

Wilmington, Del., July 2 - Pemco World Air Services, Inc. is seeking a 120-day extension of its exclusive periods for filing a Chapter 11 plan and soliciting plan acceptances, according to documents filed July 2 with the U.S. Bankruptcy Court for the District of Delaware.

Pemco needs the additional time to complete negotiations with the official committee of unsecured creditors for a plan of liquidation, the motion states.

During the four months since the company filed its bankruptcy petition, it has marketed and conducted an auction for substantially all of its assets, negotiated a resolution to the committee's move to commence adversary actions and begun to draft a plan, according to court documents.

The motion seeks to extend the time for filing a Chapter 11 plan to Oct. 31 from July 3 and the time for soliciting votes on the plan to Dec. 29 from Aug. 31.

A hearing on the request is scheduled for 10:30 a.m. ET on Aug. 7.

Pemco, a Tampa, Fla.-based company that performs large jet maintenance and repair services, filed for bankruptcy on March 6. Its Chapter 11 case number is 12-10799.

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