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April 7, 2008 |
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FEDDERS CORP: Court Extends Plan-Filing Period to April 14 The U.S. Bankruptcy Court for the District of Delaware further extended, until April 14, 2008, the exclusive period wherein Fedders Corp. and its debtor-affiliates can file a plan of reorganization. In addition, the Court set June 13, 2008 as the deadline for the Debtors to solicit acceptances of that plan. As reported in the Troubled Company Reporter on March 4, 2008, the Debtors told the Court that they need sufficient time to negotiate an acceptable plan with their creditors and to prepare adequate financial and non-financial information concerning the ramifications of any proposed plan for disclosure to creditors. The Debtors said that they have made substantial progress in their cases, and have devoted most of their time marketing their assets and negotiating with potential purchasers. About Fedders Corporation Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/ -- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq., Irving E. Walker, Esq., and Adam H. Isenberg, Esq., of Saul, Ewing, Remick & Saul LLP, represent the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors is represented by Brown Rudnick Berlack Israels LLP. When the Debtors filed for protection from its creditors, it listed total assets of US$186,300,000 and total debts of US$322,000,000. |
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