Former Urban Brands wins exclusivity extension to reconcile sale price

By Caroline Salls

Pittsburgh, May 9 - UBI Liquidating Corp., formerly Urban Brands, Inc., received an extension to its exclusive periods for filing and soliciting votes on a plan of liquidation, according to a May 9 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended to June 20 from April 19 and the solicitation period to Aug. 19 from June 20.

According to the motion, 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.

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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