Cadence seeks exclusivity extension to continue liquidation process

By Alice Popovici

New York, Oct. 21 - Cadence Innovation, LLC requested a fourth 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 its exclusive plan-filing period to Feb. 26 from Oct. 20 and the solicitation period to April 26, 2010 from Dec. 20. Its last exclusivity extension was granted in August.

A hearing is scheduled for Nov. 23.

Cadence had spent time marketing its assets and negotiating with potential buyers, but it has determined "a controlled liquidation was more beneficial to the estate than a sale," according to the motion. The company plans "to continue refining a financial analysis of a liquidating plan scenario, as well as a budget through confirmation," and requests more time "to continue the sale process through the controlled liquidation and develop a liquidating plan without the distraction, and potential adverse effect, of competing plans filed by other parties in interest."

Cadence, a Troy, Mich.-based auto parts supplier, filed for bankruptcy on Aug. 26, 2008. Its Chapter 11 case number is 08-11973.

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