Hancock Fabrics filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 6, 2017 and March 15, 2017, respectively.
The motion explains, “Termination of the Exclusive Periods now would be a serious detriment to the Debtors’ estates and interested parties that have invested significant time and resources in these chapter 11 cases. Such termination would adversely impact the Debtors’ efforts to preserve and maximize the value of these estates and the progress of the chapter 11 cases, disincentivize creditors from negotiating with the Debtors, and reduce the Debtors’ prospects for successfully soliciting acceptances of any plan filed in these chapter 11 cases.”
The motion continues, “In addition, the filing of any competing plan could greatly complicate and increase the cost of administering these chapter 11 cases. Accordingly, the relief requested herein will not result in a delay of the plan process and will simply permit the process to move forward in an orderly fashion at significantly less cost to the estates.”
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