Smith International Inc. is prepared to file a reorganization plan today, although officials at the Newport Beach oil-field equipment company said Monday they plan to ask the bankruptcy court judge for a short extension.
Chief financial officer Loren B. Carroll said Monday he is confident the judge will approve an extension, but if not, Smith will file a plan to meet today's deadline.
Although Smith's management has been negotiating steadily with its creditors, Carroll said the company needs a little more time to work out certain details. He did not elaborate.
Smith has been operating under Chapter 11 bankruptcy protection for the past 15 months. Smith filed for bankruptcy shortly after a Los Angeles federal judge ordered the company to pay $205 million to Hughes Tool Co. in a patent infringement suit.