Crescent Jewelers gets extensions to exclusivity

By Jeff Pines

Washington, Dec. 15 - Crescent Jewelers' exclusive right to file a reorganization plan was extended to April 8 and its exclusive right to solicit votes was extended to June 7, according to paperwork filed with the U.S. Bankruptcy Court for the Northern District of California Wednesday.

The company's exclusive right to file a plan was scheduled to end Dec. 9 when a hearing was held and its exclusive right to solicit votes was to end Feb. 7. There were no objections to the extensions.

In its request for the extensions, Crescent, a specialty retailer of fine jewelry, said it needed the extension to take it past the make-or-break holiday season and to evaluate the results to help it develop a consensual reorganization plan.

The company has said it is trying to outsource its consumer credit operations, which management thinks may improve Crescent's cash flow.

In addition, it will need until the first quarter of 2005 is over to obtain audited financials for fiscal year 2004, which it says it will need to attract potential lenders, investors and possibly buyers, according to paperwork previously filed with the court.

Crescent filed for bankruptcy on Aug. 11. Its Chapter 11 case number is 04-44416.

© 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.