Las Vegas Monorail looks to extend exclusive periods amid restarted negotiations

By Jennifer Lanning Drey

Savannah, Ga., Oct. 4 - Las Vegas Monorail Co. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Nevada.

The company wants to extend the exclusive plan-filing period to Oct. 18 from Aug. 17 and the solicitation period to Feb. 1 from Oct. 18.

Las Vegas Monorail filed its plan of reorganization on Aug. 17.

As previously reported, Las Vegas Monorail's indenture trustee and majority first-tier bondholders asked the court to terminate the company's exclusive plan-filing and vote solicitation periods so they can file a competing plan.

In Monday's filing, Las Vegas Monorail said the filing of its plan and the motion to terminate exclusivity have encouraged the parties to re-engage in negotiations to reach a consensual plan of reorganization.

Extension of the exclusive period will allow the parties to attempt to reach agreement on critical provisions of the plan without the distractions of litigating the motion to terminate exclusivity, preparing for a hearing on the disclosure statement and addressing competing plans.

The company, a Las Vegas non-profit monorail operator, filed for bankruptcy on Jan. 13, 2010. The Chapter 11 case number is 10-10464.

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