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Syms equity committee objects to debtors' exclusive period extension
By Jim Witters
Wilmington, Del., May 18 - Syms Corp.'s official committee of equity security holders object to the proposed extension of Syms' and Filene's Basement, LLC's request to extend their exclusive period for filing a Chapter 11 plan of liquidation or reorganization and for soliciting plan acceptances, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Delaware.
As previously reported, the debtors asked for a 106-day extension to file a plan and a 93-day extension to solicit votes for the plan.
On Feb. 3, the equity committee filed a motion seeking to terminate the debtors' exclusive periods. The equity committee wants to file a plan "that will maximize recoveries for Syms Corp.'s equity security holders," the motion states.
At a May 15 status conference, "the debtors and equity committee advised the court that they had reached an agreement in principle on the terms of a consensual plan of reorganization that would, among other things, resolve their disputes over the exclusivity termination motion and exclusivity extension motion and allow for an expeditious exit from these Chapter 11 proceedings," according to court documents.
A hearing is scheduled for 11 a.m. ET on May 25.
The equity committee filed its motion "to preserve its rights in the event that a joint or consensual plan is not filed on or before May 25," the motion states.
Syms, a Secaucus, N.J.-based off-price clothing retailer, filed for bankruptcy on Nov. 2, 2011, in the U.S. Bankruptcy Court for the District of Delaware, along with wholly owned subsidiary Filene's Basement. The joint Chapter 11 case number is 11-13511.
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