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Former Urban Banks eyes exclusivity extension to reconcile price
By Caroline Salls
Pittsburgh, April 18 - UBI Liquidating Corp., formerly Urban Brands, Inc. requested an extension to its exclusive periods for filing and soliciting votes on a plan of liquidation, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.
The company wants to extend its exclusive filing period to June 20 from April 19 and the solicitation period to Aug. 19 from June 20.
According to the release, UBI has been working with asset buyer New Ashley Stewart LLC to reconcile the purchase price and other post-closing obligations.
Although it has prepared initial drafts of a liquidation plan, the company said it needs to complete the purchase price reconciliation before it can finalize the financial projections necessary to prosecute a plan.
A hearing is scheduled for June 28.
Urban Brands, a Secaucus, N.J.-based plus-sized apparel retailer, filed for bankruptcy on Sept. 21, 2010. Its Chapter 11 case number is 10-13005.
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