Value City needs time to formulate plan, eyes four-month extension

By Caroline Salls

Pittsburgh, June 3 - Value City Holdings, Inc. requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to Oct. 21 from June 23 and the solicitation period to Dec. 22, 2009 from Aug. 24.

According to the motion, Value City has been focusing on winding down its business, selling its real estate interests, reducing costs and analyzing claims. As a result, the company said it has not had time to formulate a plan.

A hearing is scheduled for June 16.

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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