Young Broadcasting requests three-month extension to exclusivity

By Jennifer Lanning Drey

Portland, Ore., May 15 - Young Broadcasting Inc. requested a three-month 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 the exclusive plan-filing period to Sept. 14 from June 15 and the solicitation period to Nov. 13 from Aug. 13.

Young said it has been working to market its assets to attract an infusion of new money while simultaneously exploring the possibility of confirming a plan of reorganization.

However, in an effort to maximize value and exploit all available options, the company said it has not yet selected a stalking horse bidder or finalized the terms of a consensual plan of reorganization.

"Stated simply, the debtors need additional time to effect an orderly exit from Chapter 11," the company said in the motion.

A hearing is scheduled for June 2.

New York-based Young Broadcasting owns 10 television stations and the national representation firm Adam Young Inc. The company filed for bankruptcy on Feb. 13. Its Chapter 11 case number is 09-10645.

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