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December 7, 2007 |
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GLOBAL POWER: Wants Removal Period Extended to Effective Date Global Power Equipment Group Inc. and its debtor-affiliates ask the U.S. Bankruptcy Court for the District of Delaware to extend, until the effective date of their Plan of Reorganization, the period wherein they may file notices of removal of civil actions. Pursuant to Bankruptcy Rule 9006(b), the Court extended the removal period four times, the last extension being Dec. 31, 2007. As of the date of bankruptcy, the Debtors were parties to numerous civil actions pending in multiple courts and tribunals. Specifically, the Debtors, since the entry of the fourth order extending the removal period, have been focusing on various other matters that are critical to the operation of their businesses in Chapter 11. The Debtors explained that they have spent an extensive amount of time addressing numerous complex issues relating to the structure of the their Plan and proposed rights offering. Moreover, with the confirmation of the Plan scheduled on Dec. 20, 2007, the Debtors believe that it is appropriate at this time to extend the removal deadline through the effective date of the Plan. About Global Power Based in Oklahoma, Global Power Equipment Group Inc. (Pink Sheets: GEGQQ) -- http://www.globalpower.com/ -- is a design, engineering and manufacturing firm providing an array of equipment and services to the energy, power infrastructure and process industries. The company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, and has over 40 years of power generation industry experience. The company's equipment is installed in power plants and in industrial operations in more than 40 countries on six continents. In addition, the company provides routine and specialty maintenance services to nuclear, coal-fired, fossil, and hydroelectric power plants and other industrial operations. The company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai, China; Nanjing, China; and Heerleen, The Netherlands. The company filed for chapter 11 protection on Sept. 28, 2006 (Bankr. D. Del. Case No. 06-11045). Thomas E. Lauria, Esq., Matthew C. Brown, Esq., Gerard Uzzi, Esq., John Cunningham, Esq., and Frank Eaton, Esq., at White & Case LLP; and Jeffrey M. Schlerf, Esq., Eric M. Sutty, Esq., and Mary E. Augustine, Esq., at The Bayard Firm, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' noticing and claims agent. At Oct. 31, 2006, Global Power's balance sheet showed total assets of US$177,758,000 and total debts of US$99,017,000 Jeffrey S. Sabin, Esq., and David M. Hillman, Esq., at Schulte Roth & Zabel LLP; and Adam G. Landis, Esq., and Kerri K. Mumford, Esq., at Landis Rath & Cobb LLP, represent the Official Committee of Unsecured Creditors. The Official Committee of Equity Security Holders is represented by Howard L. Siegel, Esq., and Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP. The Court set a hearing on Dec. 20, 2007, to consider confirmation of the Debtor's Amended Chapter 11 Plan of Reorganization. |
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