Norwood looks to extend exclusive periods to continue negotiations

By Jennifer Lanning Drey

Portland, Ore., July 29 - Norwood Promotional Products, Inc. requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Norwood wants to extend the exclusive plan-filing period to Dec. 1 and the solicitation period to Jan. 28.

The company said given that the sale of substantially all of its assets to Brickyard Acquisition, LLC has now closed, there is no reason to believe it will not be able to efficiently conclude its Chapter 11 case.

However, Norwood said the extension would provide sufficient time to negotiate the terms of a Chapter 11 plan with its official committee of unsecured creditors and other parties and file a consensual plan.

If granted, the exclusivity extension would be the company's first.

A hearing has been scheduled for Aug. 17.

Norwood Promotional, an Indianapolis-based supplier of promotional items, filed for bankruptcy on May 5. Its Chapter 11 case number is 09-11547.

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