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ALCO Stores Extension Approved

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According to the U.S. Bankruptcy Court docket, the Court issued an order approving ALCO Stores’ motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 10, 2015 and June 9, 2015, respectively.

As previously reported, “The Debtors have made significant good faith progress towards reorganization. Most notably, the Debtors have conducted several complicated and successful asset sales and commenced, and largely effectuated, a comprehensive store-closing process (including the disposition of the related real property leases). These processes, conducted for the benefit of the Debtors’ creditors, have resulted in an enhanced pool of assets for distribution pursuant to a chapter 11 plan. Moreover, the Debtors have shared drafts of a chapter 11 plan with the Creditors’ Committee and anticipate filing one shortly.”

Documents filed with the Court continue, “The Debtors commenced these bankruptcy cases fewer than four months ago. During this time, significant progress has been made in the Debtors’ efforts to maximize value for their creditors. Indeed, the Debtors conducted successful marketing processes for their key assets, which culminated in several successful sales processes that have provided significant value to the Debtors’ estates. The Debtors continue to work diligently to maximize the value of their remaining assets for all parties in interest.” Learn more about ALCO Stores’ bankruptcy.