'We intend that the timetable (for reconstruction) be amended to 30 December,' said David Brown. 'We are asking as well that the protection be extended.'
The extension would allow O&Y more time to negotiate the Cdollars 8.7bn (pounds 3.6bn) of debt on its Canadian assets with its creditors.
The court's deadline for O&Y, which filed for protection from creditors in mid-May, runs out on 27 October.
Mr Brown said O&Y hoped to finalise its restructuring plan by that date. However, none of the 27 creditors' committees has yet agreed to O&Y's proposals.
'A number of them are close to finalisation,' he said. 'I think that a number of creditors will want to see the whole package.'
Creditors are expected to vote on the package between 20 and 30 November. O&Y will ask a court on Friday for an extension of its plan to pay for the company's general, administrative and restructuring costs to 30 November.
Under the plan O&Y will continue to pay its costs by selling a select group of assets and from management fees.