Oneida requests 45-day exclusivity extension

By Jennifer Lanning Drey

Eugene, Ore., Aug. 18 - Oneida Ltd. requested a 45-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend is exclusive plan filing period to Oct. 15 from Aug. 31 and the solicitation period to Dec. 14 from Oct. 30.

Oneida has already filed a plan of reorganization, and a hearing on the plan concluded on July 25. The court's decision regarding the plan is still pending, according to the motion.

However, Oneida said the extension is necessary to prevent irreparable harm to the company and its estates that would occur if the plan is not confirmed or does not go into effect before Aug. 31.

Oneida also said the loss of exclusivity would force Oneida's management to devote time, effort and resources to responding to competing plans, while at the same time managing the company's ongoing operations and working to enhance the value of the estates. The company said it would not be possible for its management to effectively achieve the company's business objectives under such circumstances.

A hearing has been scheduled for Aug. 31.

Oneida, the Oneida, N.Y, company that makes flatware, dinnerware, crystal and metal serving pieces for consumers and the food services industry, filed for Chapter 11 on March 19 in the U.S. Bankruptcy Court for the Southern District of New York. Its case number is 06-10489.

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