Ultimate Electronics, unsecured creditors committee request 60-day extension to co-exclusive periods

By Caroline Salls

Pittsburgh, Nov. 4 - Ultimate Electronics, Inc. and its official committee of unsecured creditors requested a 60-day extension to their co-exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Ultimate and the committee want to extend their co-exclusive plan filing period to Jan. 6 from Nov. 7 and the solicitation period to March 7 from Jan. 6.

According to the motion, following completion of its asset sale and store closing sales, the company and committee filed a plan and the court approved the related disclosure statement.

However, they said the extension is necessary because the plan is contingent on the sale of Ultimate's Thornton, Colo., headquarters, offices and warehouses, which has not yet been completed.

A hearing on the exclusivity extension is scheduled for Dec. 9.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 11, 2005. Its Chapter 11 case number is 05-10104.

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