Ultimate Electronics requests extension to exclusive periods to file plan, solicit votes

By Caroline Salls

Pittsburgh, Aug. 9 - Ultimate Electronics, Inc. requested an extension to its exclusive periods to file a plan of reorganization and 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 exclusive plan filing period to Nov. 7 from Aug. 9 and to solicit votes to Jan. 6 from Oct. 8.

Since the Chapter 11 filing date, Ultimate has been engaged in implementing and concluding store closing and asset sales, according to the motion, and therefore needs more time to negotiate and structure a plan of reorganization.

A hearing is scheduled for Sept. 14.

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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