AFA Investment seeks 120-day extension of plan exclusive periods

By Jim Witters

Wilmington, Del., Jan. 28 - AFA Investment Inc. is seeking a 120-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time to "finalize and document" a global settlement among the debtors, the official committee of unsecured creditors, the second-lien agent and the WARN Act claimants.

The agreement in principle was announced at a Dec. 17 hearing.

If the request is approved, the exclusive period for filing a Chapter 11 plan would be extended to April 28 from Jan. 28. The exclusive period for soliciting votes would be extended to June 28 from March 28.

A hearing on the request is scheduled for 10:30 a.m. ET on Feb. 21.

AFA Investment, the parent company of AFA Foods Inc., is a King of Prussia, Pa.-based processor of ground beef products. The company filed for bankruptcy on April 2 under Chapter 11 case number 12-11127.

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