ALCO Stores granted 60-day extension of plan periods for negotiations

By Kali Hays

New York, March 6 – ALCO Stores, Inc. received a two-month extension of its exclusive Chapter 11 plan filing and solicitation periods, according to a Friday order from the U.S. Bankruptcy Court for the Northern District of Texas.

ALCO’s plan filing period is extended to April 10 from Feb. 9 and its plan solicitation period to June 9 from April 10.

As previously reported, the company said that several asset sales and its store-closing process has taken up time and focus needed to present a consensual plan, but that it does “not anticipate an unduly long and drawn out bankruptcy process,” according to the motion.

Moreover, ALCO said it has shared a draft of a Chapter 11 plan with its official committee of unsecured creditors, which is “proceeding expeditiously in negotiating the terms of a plan with their key constituencies” and plans to file a liquidation plan by the end of February.

ALCO is a Coppell, Texas-based broad-line retailer primarily operating in underserved communities. The company filed for bankruptcy on Oct. 12 under Chapter 11 case number 14-34941.

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