iPic seeks four-month exclusivity extension following sale closing

By Caroline Salls

Pittsburgh, Nov. 27 – iPic-Gold Class Entertainment LLC is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, iPic is asking the court to extend its exclusive filing period through April 1 from Dec. 3 and the solicitation period through June 1 from Feb.1.

The company said the sale of its assets closed on Nov. 15, and it has agreed with its official committee of its unsecured creditors to the terms of a settlement that resolved major, pending disputes and that will provide the framework for a Chapter 11 plan process.

According to the motion, iPic is requesting the proposed extension to focus on working with the case parties to develop a liquidating plan based on the settlement terms.

“Continued exclusivity will permit the debtors to maintain flexibility so a competing plan by another third party does not derail the parties’ efforts towards an orderly liquidation process now that the sale order has been entered and the sale closed,” the motion said.

A hearing is scheduled for Dec. 11.

iPic is a Boca Raton, Fla.-based luxury restaurant and theater company. The company filed bankruptcy on Aug. 5 under Chapter 11 case number 19-11739.

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