Ascena Retail receives shorter-than-requested exclusivity extension

By Sarah Lizee

Olympia, Wash., Dec. 3 – Ascena Retail Group, Inc. obtained an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday in the U.S. Bankruptcy Court for the Eastern District of Virginia.

Through the debtors had asked for the court to extend the plan filing period through April 19 from Nov. 20 and the solicitation period through June 18 from Jan. 19, the court extended the plan filing period through March 22 and the solicitation period through May 19.

Ascena said in its motion that the extension will allow the debtors to continue to progress their efforts toward a value-maximizing restructuring transaction.

“Considering the complexity of these Chapter 11 cases, the logistical burden and impact of the Covid-19 pandemic and the demands of the plan and sale processes, the debtors have made meaningful progress in these Chapter 11 cases,” Ascena said.

“Given such substantial progress in the first three months of these Chapter 11 cases, and the support the debtors are continuing to build for their restructuring, an extension of the exclusivity periods will provide critical protection for the debtors’ process and will allow the debtors to resolve any remaining issues with key stakeholders prior to confirmation of the plan.”

Ascena is a Mahwah, N.J.-based specialty retailer offering clothing, shoes and accessories for misses and plus-size women. The company made a pre-packaged Chapter 11 bankruptcy filing on July 23 under case number 20-33113.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.