Refco granted bridge exclusivity extension to March 14

By Caroline Salls

Pittsburgh, Jan. 31 - Refco, Inc. received a bridge extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan after the hearing was postponed to March 14 from Tuesday, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan filing period to Sept. 1, 2006 and the solicitation period to Oct. 31, 2006. The periods currently end 120 days and 180 days, respectively, after the Oct. 17 Chapter 11 filing date.

According to the motion, the company has been engaged in retaining new management and closing on over $1 billion in asset sales.

In addition, a procedure has been implemented to address the unavoidable litigation arising from Refco's offshore, unregulated operations, and while the company said it is pleased with its achievements to date, much work lies ahead.

Refco, a New York-based commodities brokerage company, filed for bankruptcy on Oct. 17. Its Chapter 11 case number is 05-60006.

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