Manistique Papers eyes exclusivity period extension to complete sale

By Lisa Kerner

Charlotte, N.C., Nov. 23 - Manistique Papers Inc. is seeking an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization so that is can complete the sale process it began earlier in the week, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period by about four months to April 13, 2012 and extend the solicitation period by about 60 days to June 15, 2012.

A hearing is set for Dec. 13.

As previously reported, Manistique is seeking approval of proposed procedures for the sale of substantially all the company's assets. Its primary asset is a 500-ton-per-day recycled paper mill along the Manistique River in Manistique, Mich.

The hearing to approve the sale procedures is also scheduled for Dec. 13.

Manistique Papers, a Manistique, Mich., recycled-fiber specialty paper producer, filed for bankruptcy on Aug. 12. Its Chapter 11 case number is 11-12562.

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