Handy Hardware negotiating sale, seeks extension of exclusive periods

By Jim Witters

Wilmington, Del., May 9 - Handy Hardware Wholesale, Inc. is seeking a 90-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed May 8 in the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time to work "with the key constituents in the case to craft an acceptable amended Plan based on the acquisition outlined" in a letter of intent from Littlejohn Management Holdings, LLC for the purchase of the company's assets.

As previous reported, Littlejohn submitted a non-binding letter of intent to acquire the company's assets as a going concern through a confirmed plan of reorganization or other transaction.

Handy Hardware submitted a plan of reorganization in March but will need to revise it based on the potential sale, the court filing states.

If the motion is granted, the company's exclusive period for filing a Chapter 11 plan would be extended through Aug. 9 from May 11. The exclusive period for soliciting plan votes would be extended through Oct. 18 from July 10.

A hearing on the request is scheduled for 11:30 a.m. ET on June 19.

Handy Hardware, a hardware retailer co-operative based in Houston, filed for bankruptcy on Jan. 11. Its Chapter 11 case number is 13-10060.

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