Avado requests four-month exclusivity extension to consider options, complete sales

By Caroline Salls

Pittsburgh, April 30 - Avado Brands, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Aug. 30 from May 2 and the solicitation period to Oct. 29 from July 1.

According to the motion, since the company has been focused on selling its assets, it has not had time to decide whether to move forward with a case conversion or case dismissal request or a Chapter 11 plan of liquidation.

In addition, Avado said it will need a few more months to complete the sales of some of its remaining miscellaneous assets.

A hearing is scheduled for May 20.

Avado, a Madison, Ga., restaurant company, filed for bankruptcy on Sept. 5, 2007. Its Chapter 11 case number is 07-11276.

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