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Gordmans Stores Exclusivity Extension Sought

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Gordmans Stores filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 9, 2017 and December 8, 2017, respectively.

The motion explains, “The Debtors have turned to the tasks remaining to resolve these cases. In connection with their asset sale, the Debtors have negotiated the consensual post-closing assumption and assignment of 53 store leases and one distribution center. Relatedly, pursuant to the amended liquidation agency agreement, the Debtors have rejected 48 store leases and one distribution center, with the Debtors awaiting approval from the Court to reject two more store leases.”

In addition, “The Debtors have continued to negotiate with interested parties, including the committee, vendors, utility providers, and landlords, regarding certain claims against the Debtors’ estates. And, of particular relevance to this motion, the Debtors have prepared a chapter 11 plan (and related disclosure statement) to resolve their estates and maximize the value of distributions available for their creditors. With the aim of filing that plan in the very near term, the Debtors provided a draft to the creditors’ committee on April 28, 2017 and received comments back from the committee on May 12, 2017. The Debtors are presently engaged in discussions with the committee in efforts to obtain its support of the plan.”

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