Rdio committee asks court to terminate exclusivity, looks to file plan

By Caroline Salls

Pittsburgh, Feb. 19 – Rdio, Inc.’s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the Northern District of California to terminate the company’s exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday.

As previously reported, Rdio has requested a 90-day extension of its exclusive plan periods. However, the committee said the company has failed to show that the extension is warranted.

If exclusivity is terminated, the committee said it would file a plan of liquidation for the case.

According to the filing, the sale of substantially all of Rdio’s assets closed on Dec. 23. The committee said the other case accomplishments the company claimed in its exclusivity extension motion “are either illusory or trivial.”

“The only remaining business appears to be resolving the committee’s claims against the prepetition secured parties and reconciling claims after the bar date passes on March 21,” the committee said. “Each of these tasks is well-suited for post-confirmation completion.”

A hearing is scheduled for Feb. 26.

Rdio is a San Francisco-based licensed music service. The company filed for bankruptcy on Nov. 16 under Chapter 11 case number 15-31430.

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