Value City gets four-month exclusivity extension to formulate plan

By Jennifer Lanning Drey

Portland, Ore., June 16 - Value City Holdings, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan Tuesday from the U.S. Bankruptcy Court for the Southern District of New York, according to an attorney.

The exclusive plan-filing period was extended to Oct. 21 from June 23 and the solicitation period to Dec. 22, 2009 from Aug. 24.

According to the motion requesting the extension, 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.

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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