Interstate Bakeries granted four-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Jan. 25 - Interstate Bakeries Corp. obtained a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to attorneys.

The company's exclusive plan-filing period was extended to June 2 from Jan. 31 and the solicitation period to Aug. 7, 2007 from April 2 on Wednesday by the U.S. Bankruptcy Court for the Western District of Missouri.

When requesting the extension, the company said it needed the additional time to negotiate long-term extensions with the unions, to refine its business plan and to complete a valuation analysis.

Additionally, Interstate said the time was necessary in order for it to explore exit financing alternatives needed to develop the plan of reorganization and to hire a new, long-term chief executive officer and allow that individual, as well as the two other new directors being appointed under a proposed board reconstitution settlement, an opportunity to review the company's operations.

Interstate, a Kansas City, Mo., bakery operator, filed for bankruptcy on Sept. 22, 2004. Its Chapter 11 case number is 04-45814.

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