Ultimate Electronics exclusivity periods extended

By Caroline Salls

Pittsburgh, June 1 - Ultimate Electronics Inc. obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The period to file a plan was extended to Aug. 9 from May 11 and its vote solicitation period to Oct. 8 from July 10.

In its motion for the extension, Ultimate Electronics said it needed 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.

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

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