Baker Hughes Agrees to Extend Smith Deadline

Smith International Inc. said Baker Hughes has agreed to delay until Aug. 4 the deadline for Smith to file a plan of reorganization with the federal bankruptcy court in Los Angeles.

Previously, Newport Beach-based Smith was required to file the plan by July 3 under an agreement in which Baker Hughes would accept $95 million from Smith to settle a $204.6-million patent infringement judgment. Smith had cited the huge award in filing last year for protection from creditors under Chapter 11 of the federal bankruptcy code.

A U.S. District Court judge in Los Angeles found last year that Smith, an oil tool company, had infringed on a Hughes Tool Co. patent in designing a particular drill bit seal. Hughes later merged with Baker International Inc., of Orange, and the combined company, now called Baker Hughes, relocated to Hughes Tool’s offices in Houston.