The U.S. Bankruptcy Court approved Aeropostale’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 31, 2016 and December 31, 2016, respectively.
As previously reported, “The Debtors require additional time to complete the Sale Transaction…and to proceed to confirmation of a plan that will resolve these chapter 11 cases. The Debtors request an extension of the Exclusive Filing Period in order to preserve their exclusive right to modify the Plan as a result of recent developments and further negotiations that are likely to ensue.”
Court-filed documents continue, “The Debtors also request an extension of the Exclusive Solicitation Period…to the extent that the Debtors file a new or amended plan, but are unable to solicit votes for such plan prior to the expiration of the Exclusive Solicitation Period. Absent the relief requested herein, the Debtors would face the prospect of a plan process involving multiple competing plans. The filing of competing plans at this key stage of the Debtors’ chapter 11 cases would delay and disrupt the plan process and be an inefficient use of estate resources. No creditor will be prejudiced by the requested extensions and the Debtors believe that ample cause exists to grant the relief requested herein.”
Read more retail news.
The post Aeropostale Extension Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.