Extension Allows Lionel To Keep Chugging Along

Law360, New York (February 23, 2007, 12:00 AM EST) -- Swayed by Lionel LLC's argument, a Manhattan bankruptcy court has granted the toy train maker a fourth extension of its exclusive right to file a reorganization plan as the company awaits the outcome of a key trade secrets battle.

On Thursday, U.S. Bankruptcy Judge Burton Lifland gave Lionel more time to submit its restructuring plan, having determined that “the relief requested in the motion [as] being fair and reasonable and in the best interests of the debtors, their estates and their creditors,” Lifland said.

Lionel’s exclusivity...
To view the full article, register now.