K-V Pharmaceutical eyes exclusivity extension ahead of plan hearing

By Caroline Salls

Pittsburgh, Aug. 14 - K-V Pharmaceutical Co. requested an extension of 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 Southern District of New York.

The company wants to extend its exclusive filing period through Oct. 16 from Aug. 16 and the solicitation period through Dec. 16 from Oct. 16.

As previously reported, the K-V debtors already obtained approval of their disclosure statement and are in the process of soliciting votes on the plan.

K-V said the current exclusive filing period is set to expire before it will be able to confirm the plan, with the confirmation hearing scheduled for Aug. 28.

If the plan is not confirmed or fails to take effect, the company said termination or expiration of the exclusive periods "could result in a disruptive, costly and value-destructive competing plan process."

A hearing is scheduled for Aug. 28.

K-V Pharmaceutical, a St. Louis specialty pharmaceutical company, filed for bankruptcy on Aug. 4, 2012. Its Chapter 11 case number is 12-13346.

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