Cautious Galvex Seeks Chapter 11 Plan Extension

Law360, New York (May 11, 2006, 12:00 AM EDT) -- Embattled steel maker Galvex Holdings Ltd. is seeking bankruptcy court permission to retain exclusive control over its Chapter 11 case for another four months, arguing that additional time is needed while the sale of its assets to Silver Point Capital is being finalized.

Galvex will not be able to devise a Chapter 11 plan until the sale either closes or terminates, the company argued in court papers filed with the U.S. Bankruptcy Court in Manhattan.

The sale’s closing represents a "critical unresolved contingency" in the steel...
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