Smith is prepared to file a reorganization plan.
However, the Newport Beach oil-field equipment company, which has been operating under Chapter 11 bankruptcy protection for the past 15 months, intends to request a short extension. Smith International’s creditors said in court papers that they will oppose any further delay and file their own plan. Meanwhile, Smith’s stock hit a 52-week high, closing Monday at $10.75 a share, up 87.5 cents.
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