Judge Gives Portrait Corp. Extension—For Now

Law360, New York (June 26, 2007, 12:00 AM EDT) -- A judge has allowed bankrupt Portrait Corporation of America Inc. more time to file a reorganization plan without threat of competitors filing rival plans, but his order extends only until July 11 when the court has scheduled a hearing to confirm the company's reorganization plan.

In an order filed Friday in the U.S. Bankruptcy Court for the Southern District of New York, Judge Adlai S. Hardin Jr. said he would allow an interim extension to ensure the bankrupt photography company maintains its right to exclusivity....
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