Ultimate Electronics parent wants more time to file plan after sale

By Lisa Kerner

Charlotte, N.C., April 25 - Ultimate Electronics parent Ultimate Acquisition Partners, LP is seeking a 60-day extension to the company's exclusive periods for filing and soliciting votes on a plan of reorganization, 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 July 26 and its solicitation period to Sept. 25.

A hearing is set for May 12.

Currently, the debtors are seeking to maximize the value of their assets through completion of the liquidation of inventory and the sale of intellectual property.

The debtors are analyzing their alternatives in connection with any plan, including evaluating their claims and assets, and want the court to protect its exclusivity, preventing any other party from filing a plan, the filing said.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 26. The Chapter 11 case number is 11-10245.

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