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L&L Wings seeks exclusivity extension to continue formulating plan
By Sarah Lizee
Olympia, Wash., July 12 – L&L Wings, Inc. is seeking to extend its exclusive period to file a Chapter 11 plan by 180 days, and its exclusive solicitation period by 240 days, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
The plan filing period is currently set to expire on Aug. 22, and the solicitation period on Oct. 21.
The company said it has only begun the reargument and appeal process with respect to the largest claim in its case, which it disputes in full.
“The district court process could easily take more than a year to get to the point where the debtor can decide how to treat the claim in the context of a bankruptcy plan,” the company said.
L&L said it hopes it does not need a full year to formulate a plan, but it needs additional time to move the claim dispute process forward in the district court and the bankruptcy court.
The company also said that it is only just under way with analyzing its various store and other premises leases.
It also has only just started the claims review process and will need additional time to evaluate and, if necessary, adjudicate or resolve certain disputed claims, the company said.
L&L also still needs to negotiate funding of a plan with its principals, the official committee of unsecured creditors, its lender and other strategic parties.
“These matters have in essence evaporated the initial exclusive periods, and the debtor need additional time to formulate its course of action and reorganization plan over the coming months,” the company said.
A hearing is scheduled for Aug. 3.
The New York-based beachwear and beach sundry items retailer filed bankruptcy on April 24 under Chapter 11 case number 21-10795.
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