Local Insight Media Holdings wins 60-day exclusivity extension

By Caroline Salls

Pittsburgh, Sept. 19 - Local Insight Media Holdings Inc. is seeking a 60-day extension of its exclusive period to file and solicit votes on a reorganization plan, according to documents filed Monday in the U.S. Bankruptcy Court for the District of Delaware.

Local Insight filed a reorganization plan in August.

In July, the court extended the debtors' exclusive filing period to Aug. 14 and the solicitation period to Oct. 14 to allow Local Insight to complete negotiations with Ambac Assurance Corp. regarding amending directory publishing agreements, according to the filing.

Under Monday's order, the plan-filing period was extended to Oct. 13 and the solicitation period to Dec. 13.

"After months of extensive analysis and negotiations, the debtors have reached an agreement in principle regarding a global settlement that provides for modifications to the ... contracts that are favorable to the debtors and resolves a number of complicated claims and transition issues," the Aug. 13 motion stated.

The debtors "... hope to move quickly toward confirmation," but they "... believe their efforts would be unnecessarily complicated if the exclusive periods were allowed to expire," the filing said.

Local Insight, an Englewood, Colo., publisher of print and online directories, filed for bankruptcy on Nov. 17, 2010. Its Chapter 11 case number is 10-13677.

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