Yarway granted extension of plan exclusive periods for negotiations

By Jim Witters

Wilmington, Del., Aug. 16 - Yarway Corp. received a four-month extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to an Aug. 16 filing in the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a Chapter 11 plan is extended through Dec. 18 from Aug. 20. The exclusive period for soliciting votes is extended through Feb. 17, 2014 from Oct. 19.

The company says it needs the additional time to reach consensus on a Chapter 11 plan.

Yarway said the future claimants' representative and an informal committee of law firms representing current asbestos claimants are negotiating the terms of a plan of reorganization.

As previously reported, Yarway entered bankruptcy as a mechanism for establishing a trust to pay claims filed by people who believe they were harmed by Yarway's asbestos products.

This is Yarway's first exclusivity extension.

Yarway is a Boca Raton, Fla.-based industrial valve maker. Its Chapter 11 case number is 13-11025.

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