BoNY Fights Exclusivity Extension For Wellman

Law360, New York (July 28, 2008, 12:00 AM EDT) -- Bank of New York is objecting to Wellman Inc.'s request for an extension of its Chapter 11 exclusivity period, arguing that the bankrupt polyester manufacturer "seeks to excessively restrict the rights" of interested parties including BoNY, the company's first-lien lender.

BoNY filed the objection Monday in U.S. Bankruptcy Court for the Southern District of New York, alleging that Wellman hasn't shown cause for an extension such as “good faith” progress toward reorganization.

The objection also said that it's not clear whether Wellman is asking for an...
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