Cadence Innovation requests four-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Dec. 24 - Cadence Innovation LLC requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend the exclusive plan-filing period by four months to April 23 and the solicitation period by the same amount of time to June 22.

Cadence said the extension would provide it a reasonable opportunity to continue its sale and wind-down process and consummate all of the closings contemplated by the process prior to developing a plan.

The company noted in the filing that in the four months since it filed for bankruptcy, it has devoted extensive efforts to negotiating and implementing accommodation agreements with General Motors and Chrysler, as well as negotiated debtor-in-possession financing and marketed substantially all of its assets

A hearing has been scheduled for Jan. 16.

Cadence is a Troy, Mich.-based auto parts supplier. Its Chapter 11 case number is 08-11973.

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