Ultimate Electronics granted extension to exclusive plan filing, solicitation periods

By Caroline Salls

Pittsburgh, Sept. 14 - Ultimate Electronics, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan filing period was extended to Nov. 7 from Aug. 9 and solicitation period to Jan. 6 from Oct. 8.

According to its motion, 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.

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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