Century 21 requests 90-day exclusivity extension to negotiate plan

By Sarah Lizee

Olympia, Wash., Dec. 23 – Century 21 Department Stores LLC is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company is asking the court to extend the plan filing period through April 8 and the solicitation period through June 7.

“Focusing on liquidating their assets, the debtors have made substantial progress in maximizing the value of their estates,” the motion said.

The company said it requires additional time to propose and confirm a plan of liquidation that will distribute to the debtors’ creditors the net proceeds of the debtors’ asset sales and any remaining assets.

The requested extension would allow the plan negotiation process to proceed, afford the debtors time to obtain confirmation of the plan, not prejudice any parties in interest and promote the debtors’ goal of maximizing value for their stakeholders, Century 21 said.

A hearing is scheduled for Jan. 8.

New York-based Century 21 owns and operates retail stores that sell apparel, footwear, outerwear, lingerie and accessories. The company filed bankruptcy on Sept. 10 under Chapter 11 case number 20-12097.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.