Precision Parts given two-month exclusivity extension to draw up plan

By Alice Popovici

New York, Aug. 5 - Precision Parts International Services Corp. received a two-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Sept. 14 from July 13 and the solicitation period to Nov. 13 from Sept. 14.

In a motion filed July 10 the company said it is still in discussions with its secured lenders and official committee of unsecured creditors regarding the terms of a potential Chapter 11 plan.

Precision Parts, a Rochester Hills, Mich., designer and manufacturer of high-precision metal components and subassemblies, filed for bankruptcy on Dec. 12, 2008. Its Chapter 11 case number is 08-13289.

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