WorldVentures asks court to extend exclusive plan periods by 90 days

By Sarah Lizee

Olympia, Wash., March 3 – Spherature Investments LLC, which does business as WorldVentures, is seeking a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Eastern District of Texas.

Specifically, the company asked the court to extend the plan filing period through July 19 from April 20 and the solicitation period through Sept. 17 from June 19.

“Given the size of these cases, the global reach of the debtors’ operations, the extensive amount of interested parties, and the tasks undertaken as outlined above, the debtors and their professionals have not yet completed the necessary negotiations for terms to include in their plan of reorganization,” the company said in its motion.

“As such, the debtors seek an extension of the exclusivity periods to continue working through numerous complex financial and operational issues that will enable the debtors and their businesses to emerge from Chapter 11 in a timely and efficient manner.”

Plano, Tex.-based WorldVentures sells travel and lifestyle community memberships. The company filed bankruptcy on Dec. 21 under Chapter 11 case number 20-42492.

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