Contract Research Solutions requests four-month exclusivity extension

By Caroline Salls

Pittsburgh, June 27 - Contract Research Solutions, Inc. (Cetero) is seeking an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to Nov. 21 from July 24 and the solicitation period to Jan. 20, 2013 from Sept. 22.

"In circumstances where, as here, the initial exclusive periods provide an unrealistic time frame in which to file and solicit acceptances of a viable Chapter 11 plan that might garner support from parties in interest, section 1121(d) of the Bankruptcy Code allows the court to extend the exclusive periods for cause," the motion said.

Cetero said it is shifting its focus to implement a wind-down process following the closing of its asset sale and to prepare the Chapter 11 plan and disclosure statement.

A hearing is scheduled for Aug. 8.

Contract Research Solutions, also known as Cetero, is a Cary, N.C.-based contract research organization that provides testing services for name-brand pharmaceutical and generic drug companies. The company filed its Chapter 11 case on March 26. The case number is 12-11004.

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