hhgregg requests two-month exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, July 5 – hhgregg, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Indiana.

The company asked the court to extend its exclusive filing period through Sept. 5 from July 5 and the solicitation period through Nov. 6 from Sept. 5.

According to the motion, hhgregg and its professionals have been focused on winding down the debtors’ estates, including liquidating substantially all of the debtors’ assets.

“In order to maximize the value to creditors, the debtors were required to devote the majority of their energy to the sale and liquidation strategies that were undertaken,” the motion said.

Now, hhgregg said it needs more time to negotiate with the major constituents in its Chapter 11 cases and move toward creating a plan that is in the best interest of all constituencies.

hhgregg is an Indianapolis-based specialty retailer of consumer electronics and home appliances. The company filed bankruptcy on March 6 under Chapter 11 case number 17-01302.

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