Oneida Braces For Worst-Case Scenario

Law360, New York (June 30, 2006, 12:00 AM EDT) -- Though the hearing to confirm Oneida Ltd.’s reorganization plan is just around the corner, the bankrupt flatware maker has taken the cautious step of asking the court for a three-month extension of its exclusive right to file a restructuring proposal.

Oneida requested the additional time last week, seeking to retain control of its bankruptcy in case the judge decides not to greenlight its proposed reorganization plan.

Under bankruptcy law, companies must turn in a Chapter 11 plan mapping out how creditors will be paid. Exclusive periods...
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