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DirectBuy Holdings Bankruptcy Extension Sought

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DirectBuy Holdings 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 May 30, 2017 and August 1, 2017, respectively.

The motion explains, “The Debtors and their professionals have invested significant time with respect to the Sale Transaction and issues attendant thereto. Given the divergent interests that need to be addressed in these cases in order to finalize an exit strategy, the Debtors submit that it is reasonable to request additional time to prepare, file and confirm a liquidating plan if it is determined that is the best route to emerge from Chapter 11. Granting the requested extensions will facilitate the Debtors’ efforts by providing the Debtors with a full and fair opportunity to finalize their exit strategy without the distraction of ill-formed competing plans.” The Court scheduled a March 3, 2017 hearing on the motion.

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