Allens: Court grants 90-day exclusivity extension to address valuation

By Kali Hays

New York, March 21 - Allens, Inc. obtained approval for a 90-day extension of its exclusive plan of reorganization filing and solicitation periods, according to a March 21 order with the U.S. Bankruptcy Court for the Western District of Arkansas.

The company's filing period is extended through May 26 from Feb. 25 and its solicitation period through July 25 from April 26.

As previously reported, the company sought the extension because it had placed additional focus on the Feb. 11 sale of its assets to Sager Creek Acquisition Corp. for $124.78 million, creating a need for additional time to work out issues that could affect the value of the company, such as filing financial statements and developing a working relationship with its committee.

Allens, a Siloam Springs, Ark., canned and frozen vegetable company, filed bankruptcy on Oct. 28. The Chapter 11 case number is 13-73597.

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