Precision Parts requests exclusivity extension to complete settlement

By Caroline Salls

Pittsburgh, Sept. 15 - Precision Parts International Services Corp. requested a third extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, 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. 14 from Sept. 14 and the solicitation period to Feb. 11 from Nov. 13.

According to the motion, extension of the exclusive periods would allow the company to complete a proposed settlement with its lenders and official committee of unsecured creditors regarding disposition of sale proceeds.

A hearing is scheduled for Oct. 6.

Precision Parts, a Rochester Hills, Mich., designer and manufacturer of high-precision metal components and subassemblies, filed for bankruptcy on Dec. 12, 2008. Its Chapter 11 case number is 08-13289.

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