hhgregg filed with the U.S. Bankruptcy Court a motion to extend by 60 days its exclusive periods to file a Chapter 11 plan and solicit acceptances thereof through and including September 5, 2017 and November 6, 2017, respectively. The Debtors’ exclusivity will currently expire on July 5, 2017 and September 5, 2017, respectively.
The motion explains, “The Debtors’ cases have been moving at an extremely fast pace. The Debtors have been able to implement a very orderly and successful wind-down of their operations. Initially, nearly all of the Debtors’ attention was required to successfully wind-down the Debtors’ businesses and liquidate their assets. The Debtors have since directed their attention to negotiations that will benefit plan formulation and have been successful to this point. The Debtors have accomplished a great deal during the short period since the Petition Date and submit that extensions of the Exclusive Periods are appropriate under the circumstances.”
In addition, “While the Debtors have sold substantially all of their assets, they are still working diligently to address issues between creditor constituencies and complete their wind down. Continued efforts on these fronts could fundamentally change any plan that is proposed and could significantly impact the speed at which such plan could be confirmed. Accordingly, the Debtors require additional time to formulate and propose a plan in these cases.”
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