Ultimate Escapes seeks exclusivity extension to finalize Ch. 11 plan

By Caroline Salls

Pittsburgh, Jan. 10 - Ultimate Escapes Holdings, LLC is seeking an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period to April 18 from Jan. 18 and the solicitation period to June 17 from March 19.

Now that a majority of its assets sales are complete, Ultimate Escapes said it is working with its creditors committee to decide how best to proceed with its bankruptcy case to generate the most value for creditors.

In addition, the company said it has worked with the committee to develop a Chapter 11 plan.

The extension will allow the plan to be finalized, the motion said.

A hearing is scheduled for Jan. 27.

Ultimate Escapes, a Kissimmee, Fla.-based destination club operator, filed for bankruptcy on Sept. 20. The Chapter 11 case number is 10-12915.

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