LID Fends Off Creditors, Gets More Time For Plan

Law360, New York (August 2, 2007, 12:00 AM EDT) -- Diamond wholesaler LID Ltd. can breathe a little easier now that the judge in its Chapter 11 bankruptcy has given it until Dec. 15 to file a reorganization plan, rebuffing creditors that had fought to file their own competing plan.

The company will now have until Jan. 24, 2008, to court creditors for their support of the plan.

Judge James Peck of the southern New York court granted the company's extension motion on Tuesday, just a few weeks after he delayed consideration of the matter. Pending...
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