Performance Transportation exclusivity extended by three months

By Jennifer Lanning Drey

Portland, Ore., April 15 - Performance Transportation Services, Inc. obtained a three-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Western District of New York.

The company's exclusive plan filing period was extended to June 30 from March 18 and the solicitation period to Aug. 31 from April 17.

In its motion requesting the extension, Performance Transportation said it needs more time to develop an exit strategy and set a claims bar date before it can begin to negotiate the terms of a plan of reorganization.

As previously reported, the company canceled its auction and asset sale hearing in March after it failed to receive two qualified bids for its assets.

Performance Transportation Services, a Detroit-based transporter of new automobiles, sport utility vehicles and light trucks, filed for bankruptcy on Nov. 19. Its Chapter 11 case number is 07-04746.

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