Oscient requests 30-day exclusivity extension to resolve issues

By Caroline Salls

Pittsburgh, Nov. 9 - Oscient Pharmaceuticals Corp. is seeking a 30-day extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Massachusetts.

The company wants to extend its exclusive plan-filing period to Dec. 10 from Nov. 10 and the solicitation period to Feb. 10 from Jan. 11.

Oscient said it needs the extra time to continue negotiations with debtor Guardian II Acquisition Corp.'s secured lender Paul Royalty Fund Holdings II to resolve issues related to the allocation of asset sale proceeds, as well to resolve intercompany claims between Oscient and the Guardian estates.

Oscient, a Waltham, Mass., commercial-stage pharmaceutical company, filed for bankruptcy on July 13. Its Chapter 11 case number is 09-16576.

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