Le Tote seeks exclusivity extension out of ‘abundance of caution’

By Sarah Lizee

Olympia, Wash., March 19 – Le Tote, Inc. is seeking a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Virginia.

Specifically, the company asked the court to extend the plan filing period through May 16 and the solicitation period through July 15.

The plan confirmation hearing is scheduled for March 24, about 6 days before the expiration of the debtors’ exclusive right to file a Chapter 11 plan.

The company said it is seeking the extension “out of an abundance of caution.”

“The debtors believe that maintaining the exclusive right to file and solicit votes on a plan of reorganization is critical to realizing the value-maximizing wind-down contemplated by the plan,” the company said in its motion.

“Extending the exclusivity periods will afford the debtors and their stakeholders time to confirm the plan, finalize the transactions contemplated by the plan, and proceed toward emergence in an efficient, organized fashion.”

A hearing on the exclusivity extension is scheduled for April 1.

New York-based Lord & Taylor, a unit of Le Tote, operates fashion stores in the United States. The company filed bankruptcy on Aug. 2, 2020 under Chapter 11 case number 20-33332.

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