Cadence Innovation granted third extension to its exclusivity periods

By Jennifer Lanning Drey

Portland, Ore., Aug. 17 - Cadence Innovation LLC obtained a third extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Oct. 20 from July 22 and the solicitation period to Dec. 20 from Sept. 21.

When requesting the extension, Cadence said it needed more time to review the amount, validity and priority of the claims that have been filed against it.

The company said the results of its liquidation and claim resolution efforts will help it decide whether confirmation of a liquidating plan is feasible.

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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