Burlington continues progress in emergence process
The court has extended the company's period of exclusivity to solicit acceptances of its plan of reorganization through July 31, 2003 and approved the company's motion for modified bidding procedures for the solicitation of offers to purchase the company.
Under the approved bidding procedures, the deadline for bids to purchase the company will be July 10, 2003 with the auction for qualified bidders to be held on July 21, 2003. The company has hired Miller Buckfire Lewis & Co., LLC, an investment banking firm, to oversee the bid solicitation and auction process. These amended procedures and retention of an investment banker will assure a more comprehensive sale and auction process.
The company's secured bank lenders and the Official Committee of the Unsecured Creditors joined the company in seeking the court's approval of the modified procedures.