Telogy asks for court approval to file plan of reorganization before disclosure statement

By Caroline Salls

Pittsburgh, Dec. 13 - Telogy, Inc. requested court approval to file a plan of reorganization before filing the related disclosure statement to aid the final DIP approval process and indicate its progress in its Chapter 11 case, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of California.

According to the motion, under the company's proposed debtor-in-possession financing agreement, Telogy is required to file a plan, but not a disclosure statement, by Dec. 21.

Telogy said it may be in a position to file a plan before then given that the plan has some relevance to the final DIP hearing scheduled for Dec. 16.

In addition, the company said it would like the flexibility to file the plan earlier than the disclosure statement to show its vendors and customers that it is making quick progress in its Chapter 11 proceeding.

Telogy said it does intend to file a disclosure statement at least 32 days before a scheduled disclosure statement hearing, as required by bankruptcy law.

Telogy, a Union City, Calif.-based electronics testing company, filed for bankruptcy on Nov. 29. Its Chapter 11 case number is 05-49371.

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