Former Fuhu seeks exclusivity extension before claim filing deadline

By Caroline Salls

Pittsburgh, April 5 – Arctic Sentinel, Inc., formerly Fuhu, Inc., requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company wants to extend its exclusive filing period through Aug. 3 from April 5 and the solicitation period through Oct. 3 from June 6.

“Unresolved contingencies exist and negotiations with creditors remain incomplete insofar as the bar date has not yet passed,” the company said in the motion. The bar date for filing claims against Arctic Sentinel is June 28.

In addition, the company said it will use the extension to investigate and monetize any remaining estate assets.

“It is important for all parties to understand the proceeds available for distribution before evaluating how to conclude these cases,” Arctic Sentinel said.

The company said the extension will also enable it to hold discussions with the official committee of unsecured creditors on an appropriate exit strategy.

A hearing is scheduled for April 25.

Fuhu, an El Segundo, Calif.-based maker of children’s tablets, filed for bankruptcy on Dec. 7. The Chapter 11 case number is 15-12465.

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