Hancock Fabrics seeks exclusivity extension; plan discussions underway

By Caroline Salls

Pittsburgh, Oct. 28 – Hancock Fabrics, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Hancock wants to extend its exclusive filing period by about two months through Jan. 6 and the solicitation period through March 15.

The company said it is now in discussions with the creditors’ committee appointed for its bankruptcy case regarding the provisions of a liquidation plan.

“The debtors are working diligently toward finalizing a plan to liquidate their estates, distribute the value obtained from these efforts to their various creditor constituencies and conclude these Chapter 11 cases,” the motion said.

Hancock said the exclusivity extension will allow it to prepare and solicit support for a consensual plan in the near future.

Based in Baldwyn, Miss., Hancock is a specialty retailer of fabric and related home sewing and decorative accessories. The company filed for bankruptcy on Feb. 2, 2016 under Chapter 11 case number 16-10296.

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