Smart Papers granted 90-day exclusivity extension to complete asset sales, formulate plan

By Caroline Salls

Pittsburgh, Aug. 10 - Smart Papers, LLC obtained a 90-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan filing period was extended to Oct. 16 from July 19 and the solicitation period to Dec. 15 from Sept. 15.

According to the motion, the extension is needed to allow the company to complete the auction and sale process for the assets of two of its business operations and to formulate the terms of a consensual plan in conjunction with its various creditor constituencies.

Smart Papers, a Hamilton, Ohio-based paper manufacturer, supplier and marketer, filed for bankruptcy on March 21. Its Chapter 11 case number is 06-10269.

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