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Former Loot Crate wins 90-day exclusivity extension to resolve cases
By Caroline Salls
Pittsburgh, July 21 – Old LC, Inc., formerly Loot Crate, Inc., received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the company’s exclusive plan-filing period was extended by 90 days through Sept. 8 and the solicitation period through Nov. 9.
While it has more progress it wishes to make, Old LC said its efforts to date have eliminated some of the larger impediments to resolving its Chapter 11 cases through a plan of liquidation.
In addition, the company said it has worked cooperatively with its official committee of unsecured creditors and its pre-bankruptcy secured lender and will continue to do so.
“As with the debtors’ prior requests, this request remains consistent with Congress’ intent in establishing a debtor’s right to maintain exclusivity ‘in order to allow the debtor to reach an agreement,’” the motion said.
Los Angeles-based Loot Crate sells pop culture subscription boxes. The company filed bankruptcy on Aug. 11, 2019 under Chapter 11 case number 19-11791.
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