rue21 filed with the U.S. Bankruptcy Court a motion to extend by 120 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including January 10, 2018 and April 9, 2018, respectively.
The motion explains, “The Debtors’ progress to date has been achieved in no small part due to the breathing room provided by chapter 11. The Debtors believe that maintaining their exclusive right to file and solicit votes on a chapter 11 plan is critical to their ability to complete a value maximizing process and achieve their remaining goals as efficiently and expeditiously as possible without the risk of the substantial additional costs and disruption that could follow an expiration of the Exclusivity Periods. Accordingly, the Debtors request an extension of the Exclusivity Periods to allow the Debtors to continue to focus on finalizing the progress to date and to preclude the costly disruption that would occur if competing plans were to be proposed as the Debtors move swiftly towards the confirmation of the Plan.”
The Court scheduled an August 16, 2017 hearing to consider the extension motion, with objections due by August 9, 2017.
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