Shane Reorganization Plan Pushed Back

The reorganization plan for Shane Co was originally supposed to be unveiled by December 31. Then it was pushed back to January 30. And now the company is looking to push back the plan again, to March 15.

Its bankruptcy papers, in requesting the extension, say: ”Given this uncertain economy … and the prospect that the recession will endure throughout 2010, it is critical that the Debtor be comfortable with its ability to perform under its financial projections prior to committing to the terms of a plan of reorganization.”

Shane originally filed for bankruptcy last January.

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JCK News Director