Value City granted 120-day exclusivity extension

By Rebecca Melvin

New York, Feb. 19 - Value City Holdings Inc. obtained an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company exclusive plan-filing period was extended by 120 days to June 23 and the solicitation period was extended by the same amount of time to Aug. 24, 2009.

In its motion, Value City said it needed more time to formulate a plan due to the fact that it spent the first few months of its bankruptcy focusing on winding down its business operations and now needs to focus on negotiations with its official committee of unsecured creditors to come up with a consensual plan of liquidation.

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

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