The U.S. Bankruptcy Court approved Golfsmith International Holdings’ motion to extend by 120 days the exclusive period during which the Company may solicit acceptances for its Chapter 11 plan through and including May 12, 2017 and July 11, 2017, respectively.
As previously reported, “The Debtors have sold substantially all of their assets and are working diligently towards an exit strategy that will facilitate the distribution of the value obtained from these efforts to the Debtors’ various creditor constituencies.”
In addition, “Termination of the Exclusive Periods at this time would be a serious detriment to the Debtors’ estates and to 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, dis-incentivize creditors from negotiating with the Debtors, and reduce the Debtors’ prospects from successfully exiting these chapter 11 cases. In addition, the filing of any plan by a party other than the Debtors could potentially complicate and significantly increase the cost of administering these chapter 11 cases.”
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