Lucky’s seeks exclusivity extension to finalize plan of liquidation

By Caroline Salls

Pittsburgh, May 20 – Lucky’s Market requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Lucky’s asked the court to extend its exclusive plan-filing period through Aug. 24 and the solicitation period through Oct. 23.

The company said its goal is to confirm a liquidating plan, and it has been working with its secured lender and the official committee of unsecured creditors to achieve that goal.

According to the motion, the Lucky’s debtors have been discussing the terms of a global settlement and a designation rights bid by the secured lender for guaranteed leases.

While not all sales have closed yet and the settlement has not been finalized, the company said it has begun the process of formulating, negotiating and drafting a plan.

“Considering the progress made, coupled with the debtors’ willingness to work cooperatively with the committee, the pre-petition secured lender and other parties in interest, it is reasonable and appropriate for the debtors to be granted additional time to negotiate and finalize a Chapter 11 plan of liquidation,” the motion said.

A hearing is scheduled for June 24.

Lucky’s is a Niwot, Colo.-based supermarket operator. The company filed bankruptcy on Jan. 27 under Chapter 11 case number 20-10166.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.