Ritchie Irish hedge funds seek three-month exclusivity extension to complete policy sale

By Caroline Salls

Pittsburgh, Jan. 9 - Ritchie Risk-Linked Strategies Trading (Ireland), Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. requested an extension to their 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 Southern District of New York.

The hedge funds want to extend their exclusive plan filing period to April 15 from Jan. 16 and the solicitation period to June 16, 2008 from March 17.

According to the motion, the hedge funds need more time to complete the sale of their policies and formulate a plan of reorganization or liquidation.

A hearing is scheduled for Jan. 16.

Ritchie Capital Management's two Ireland-based hedge funds filed for bankruptcy on June 20, 2007. Their Chapter 11 case number is 07-11906.

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