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Golfsmith Bankruptcy Extension Sought

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Golfsmith International Holdings filed with the U.S. Bankruptcy Court a fourth motion for entry of an order extending the exclusive periods during which only the Debtors may file a Chapter 11 plan and solicit acceptances thereof through and including March 14, 2018 and May 14, 2018, respectively.

The motion explains, “The Debtors are seeking the extension of the Exclusive Periods to permit them, together with their creditor constituencies, to pursue the consensual exit strategy contemplated by the Wind Down Motions and pay valid, undisputed administrative expenses without the interruption or distraction that could otherwise result from the filing of a proposed chapter 11 plan.”

In addition, “Termination of the Exclusive Periods at this time would be a serious detriment to the Debtors’ estates and to interested parties that have invested significant time and resources in these chapter 11 cases. Such termination would adversely impact the Debtors’ efforts to preserve and maximize the value of these estates and the progress of the chapter 11 cases, dis-incentivize creditors from negotiating with the Debtors, and reduce the Debtors’ prospects from successfully exiting these chapter 11 cases. In addition, the filing of any plan by a party other than the Debtors could potentially complicate and significantly increase the cost of administering these chapter 11 cases.”

The Court established a January 23, 2018 objection deadline, but a hearing date is yet to be scheduled.

Read more Golfsmith bankruptcy news.