Uni-Marts granted two-month extension to exclusivity period

By Jennifer Lanning Drey

Portland, Ore., May 22 - Uni-Marts, LLC obtained a fourth extension of its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended to June 22 from April 22 and the solicitation period to Aug. 20 from June 22.

According to the motion requesting the approval, Uni-Marts' management has been in discussions with several financial institutions and other potential investors regarding possible exit and working capital financing to support a plan of reorganization, but the company still has not secured financing or other support needed to fund an emergence plan.

The company said it needed more time to evaluate its options for a possible sale of its assets or to prepare its business for a stand-alone plan of reorganization, as well as to continue to seek financing.

Uni-Marts, a State College, Pa.-based convenience store operator, filed for bankruptcy on May 29, 2008. Its Chapter 11 case number is 08-11037.

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