Circuit City seeks exclusivity extension to resolve remaining issues

By Jennifer Lanning Drey

Portland, Ore., July 6 - Circuit City Stores, Inc. requested a three-week extension to its exclusive periods to file a plan of liquidation and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company wants to extend the exclusive plan-filing period to July 31 from July 8 and the solicitation period to Sept. 29 from Sept. 6.

Circuit City said it is working to resolve the remaining issues in its Chapter 11 bankruptcy case, including liquidating the remaining assets, continuing the claims reconciliation process and developing and filing a plan.

The company said it expects to be in a position to file a plan by the end of July.

Circuit City also said it is discussing the possibility of filing a joint plan of liquidation with its creditors committee but has not yet reached a conclusion as to whether it will file a joint plan.

A hearing is scheduled for July 23.

The Richmond, Va., electronics retailer filed for bankruptcy on Nov. 10, 2008. Its Chapter 11 case number is 08-35653.

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