United Retail wins 60-day exclusivity extension; plan expected soon

By Jim Witters

Wilmington, Del., June 1 - United Retail Group, Inc. received an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to documents filed June 1 with the U.S. Bankruptcy Court for the Southern District of New York.

The approval extends the debtor's exclusive filing period to July 30 from May 31 and the solicitation period to Sept. 28 from July 30.

As previously reported, United Retail sought input from its official committee of unsecured creditors and the purchaser of its assets on the best way to implement distributions to creditors on a timeline consistent with purchase agreement requirements and remaining wind-down activities.

The company said it expects to file a plan of liquidation and related disclosure statement soon.

Despite these plans, United Retail said it is requesting an exclusivity extension "out of an abundance of caution."

United Retail is a Rochelle Park, N.J., specialty retailer of large-size women's fashion apparel, footwear and accessories. The company filed for bankruptcy on Feb. 1. The Chapter 11 case number is 12-10405.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.