Sbarro's 60-day exclusivity extension approved, plan hearing Nov. 17

By Lisa Kerner

Charlotte, Oct. 31 - Sbarro, Inc. was granted a 60-day extension to its exclusive periods for filing a plan of reorganization and soliciting votes by the U.S. Bankruptcy Court for the Southern District of New York on Monday, according to an attorney familiar with the case.

The court extended Sbarro's exclusive filing period to Dec. 30 from Oct. 31 and the solicitation period to Feb. 29 from Dec. 31.

As previously reported, Sbarro's disclosure statement was recently approved by the court, and the plan confirmation hearing is scheduled for Nov. 17.

Sbarro, in requesting the extension, said it wanted to ensure the company had enough time to complete solicitation of the plan and address any issues that may arise in connection with the confirmation process without disruption from competing plans.

The company's steering committee of pre-bankruptcy first-lien lenders and the unsecured creditors' committee supported the requested extension.

Sbarro, a Melville, N.Y.-based quick-service Italian restaurant chain, filed for bankruptcy on April 4, 2011. The Chapter 11 case number is 11-11002.

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