Idearc noteholders object to company's exclusivity extension motion

By Alice Popovici

New York, Oct. 22 - Idearc, Inc.'s holders of senior unsecured notes have objected to the company's second motion to extend its exclusive period to solicit votes on its plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The company wants to extend its exclusive solicitation period through the conclusion of its reorganization plan hearing, which is scheduled to begin Dec. 9. The exclusive solicitation period currently ends Oct. 29.

MatlinPatterson Global Opportunities Partners III LP and MatlinPatterson Global Opportunities (Cayman) III LP do not oppose a limited extension through Dec. 9, according to the objection; they oppose the extension of exclusivity beyond Dec. 9.

"If the [company is] unable to reach a consensus on the plan prior to Dec. 9, 2009, they should not be rewarded with additional time to redesign and renegotiate the plan they unilaterally imposed upon the parties in these cases," the objection states.

A hearing is scheduled for Oct. 29.

Idearc, a Dallas-based provider of yellow and white page directories and related advertising products, filed for bankruptcy on March 31, 2009 in the U.S. Bankruptcy Court for the Northern District of Texas. Its Chapter 11 case number is 09-31828.

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