Value City requests four-month exclusivity extension to complete plan

By Caroline Salls

Pittsburgh, Oct. 1 - Value City Holdings Inc. is seeking an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to Feb. 18, 2010 from Oct. 21 and the solicitation period to April 21, 2010 from Dec. 22.

According to the motion, the company is reviewing preference claims and negotiating a reduction in the letters of credit securing its workers' compensation obligations.

As a result, Value City said it requested the extension to ensure the exclusive periods do not run out before the plan process can be completed.

A hearing is scheduled for Oct. 15.

Value City, a Columbus, Ohio, off-price retailer, filed for bankruptcy on Oct. 26, 2008. Its Chapter 11 case number is 08-14197.

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