Picture People secures two-week extension of exclusive plan periods

By Caroline Salls

Pittsburgh, Jan. 4 – TPP Acquisition, Inc., which does business as the Picture People, obtained an extension of the exclusive periods during which only the company can file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

Specifically, TPP’s exclusive plan-filing period was extended for 14 days through Jan. 17 from Jan. 3 and the solicitation period through March 15.

“The debtor is in the process of drafting a plan of liquidation and disclosure statement and anticipated that it would be prepared to file the plan and disclosure statement by January 3, 2016,” the motion said.

Although it has been negotiating and drafting the plan, TPP said it no longer believes it will be in a position to file it before the current exclusivity period has expired.

Picture People is an operator of professional portrait studios. The company filed for bankruptcy on Sept. 2 under Chapter 11 case number 16-33437.

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