hhgregg Bankruptcy Extension Sought


hhgregg filed with the U.S. Bankruptcy Court a fourth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including April 5, 2018 and July 5, 2018, respectively.

The motion explains, “The Debtors have recently been working collaboratively with the Pre-Petition Secured Lenders, the DIP Lenders, and the Committee to negotiate an amendment to the DIP Agreement that maximizes the value of the Debtors’ estate and the return to creditors… Extending the Exclusive Periods will allow the results of these extensive negotiations to play out in a way that benefits all constituencies as the Debtors work toward a liquidation of their remaining assets.”

In addition, “While the Debtors have sold substantially all of their assets, they are still working diligently to address issues between creditor constituencies and complete their wind down. Continued efforts on these fronts could fundamentally change any plan that is proposed and could significantly impact the speed at which such plan could be confirmed. Accordingly, the Debtors require additional time to formulate and propose a plan in these cases.”

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