NBG Home asks court for extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., June 7 – Nielsen & Bainbridge, LLC, which does business as NBG Home, is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the company asked the court to extend the exclusive plan filing period through Oct. 6 and the exclusive solicitation period through Dec. 5.

When it filed bankruptcy in February, the company hoped to reorganize its entire business as a going concern. However, NBG said it won’t be able to do that because the capital needed to emerge is greater than expected.

The plan sponsors are working to keep the debtors’ hardwired lighting business, operating under the Quoizel Lighting brand, operating as a going concern, and the debtors and sponsors are working to facilitate a negotiation around debtor Quoizel, LLC in the coming weeks.

To that end, the debtors recently secured incremental funding by way of an upsize to the new-money component of the debtor-in-possession facility by $1.7 million, a further increase under the same amended facility of $2.7 million, and the ability to secure additional incremental funding by an additional $1.9 million in the aggregate on an agreed-upon basis.

“As discussions about the potential Quoizel transaction continue to progress, it is critical that the debtors obtain an extension of the exclusivity periods to allow for the consummation of a potential value-maximizing transaction without the potential distraction of a competing Chapter 11 plan, should the current plan not be timely confirmed,” the company said in the motion.

The home decor company is based in Austin, Tex. The company filed bankruptcy on Feb. 8 under Chapter 11 case number 23-90071.

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