Young Broadcasting granted less-than-requested exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., June 2 - Young Broadcasting Inc. was granted a shorter-than-requested extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The exclusive plan-filing period was extended to Aug. 3 from June 15 and the solicitation period to Sept. 7 from Aug. 13.

Young had asked that the exclusive plan-filing period be extended to Sept. 14 and the solicitation period to Nov. 13.

When requesting the extension, the company said it had 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, it said it had not yet selected a stalking horse bidder or finalized the terms of a consensual plan of reorganization.

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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