Ultimate Electronics requests exclusivity extension

By Caroline Salls

Pittsburgh, May 9 - Ultimate Electronics, Inc. asked for an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its filing period to Aug. 9 from May 11 and its vote solicitation period to Oct. 8 from July 10.

Ultimate Electronics said it needs more time to file a plan because it has been busy with cost-reducing measures, including store closings and asset sales.

The company said it also has not had time to negotiate a plan of reorganization with its creditors committee or the agent to its debtor-in-possession lenders.

A hearing is scheduled for June 1.

Ultimate Electronics filed for bankruptcy on Jan. 11. Its Chapter 11 case number is 05-10104.

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