U.S. Shipping Partners requests 120-day exclusivity extension

By Alice Popovici

New York, Aug. 27 - U.S. Shipping Partners, LP asked for a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday 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 Dec. 25 from Aug. 27 and the solicitation period to Feb. 3, 2010 from Oct. 26.

U.S. Shipping Partners said it has discussed the reorganization plan with creditors and revised it to address a number of concerns, but there is still potential opposition to the plan and more time is needed to reach a consensual proposal.

The motion will be presented to the court Sept. 8.

U.S. Shipping is an Edison, N.J.-based provider of long-haul marine transportation services. It filed for bankruptcy on April 30 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-12711.

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