Lexington Precision granted exclusivity extension despite committee objection

By Caroline Salls

Pittsburgh, Oct. 31 - A federal judge granted Lexington Precision Corp.'s contested request for an extension of its exclusive periods to file a plan of reorganization and solicit votes on a plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Judge Martin Glenn took the motion under advisement following an evidentiary hearing held Tuesday.

As previously reported, Lexington's unsecured creditors committee objected to the extension, contending that little to no progress had been made in the company's bankruptcy case.

However, Glenn said at Tuesday's hearing that "The witnesses I heard said that there had been some progress."

In addition, Glenn said in Friday's ruling that Lexington has "reasonable prospects of obtaining exit financing."

Lexington's exclusive period to file a plan was extended for three months through Jan. 26, and its vote solicitation period was extended to Feb. 25.

Lexington Precision, a New York-based manufacturer of rubber and metal components for the automobile and medical devices industries, filed for bankruptcy on April 2, 2008. Its Chapter 11 case number is 08-11153.

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