Powermate four-month exclusivity extension approved

By Caroline Salls

Pittsburgh, Aug. 13 - Powermate Holding Corp. obtained an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to Nov. 12 from July 15 and the solicitation period to Jan. 12 from Sept. 12.

Powermate said it has been focusing its efforts on winding down its estates, so it has not had enough time to negotiate a liquidation plan.

The company also cited the size and complexity of its bankruptcy case.

Powermate, an Aurora, Ill.-based manufacturer of portable and standby electric generators, air compressors, air tools, pressure washers and accessories, filed for bankruptcy on March 17. Its Chapter 11 case number is 08-10498.

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