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Golfsmith Exclusivity Extension Sought

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Golfsmith International Holdings filed with the U.S. Bankruptcy Court a second motion to extend by 120 days its exclusive periods to file a Chapter 11 plan and solicit acceptances thereof through and including September 11, 2017 and November 8, 2017, respectively.

The motion explains, “The Debtors have worked toward winding down their businesses and affairs by (i) commencing and concluding the Store Closing Sales, (ii) selling their headquarters located in Austin, Texas, (iii) assuming and assigning numerous unexpired leases, and (iv) rejecting other burdensome executory contracts and unexpired leases. As a result, the Debtors have sold substantially all of their assets and are working diligently towards an exit strategy that will facilitate the distribution of the value obtained from these efforts to the Debtors’ various creditor constituencies.”

In addition, “The Debtors are now poised to productively move forward with the next stage of these chapter 11 cases, including reviewing claims filed by various parties, and preparing and consulting with constituent representatives regarding exit strategies. In light of the foregoing factors, the Debtors’ request for an extension of 120 days is modest and justified.”

The Court scheduled a June 7, 2017 hearing to consider the extension motion, with objections due by May 26, 2017.

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