Creditors owed nearly $400 million object to the extension. They say the company has not been negotiating seriously since the February bankruptcy filing.
At a hearing Tuesday, Vice President Richard Thayer says the company hopes to raise $50 million to emerge from bankruptcy, about half from insiders who put up $150 million toward the $515 million purchase in 2006.
Thayer says the company does not plan to start labor negotiations until after the reorganization plan is filed. Several union contracts expire Aug. 31.
Get Action News on your website