Hastings Entertainment eyes 45-day extension of exclusive plan periods

By Caroline Salls

Pittsburgh, Aug. 17 – Hastings Entertainment, Inc. 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, Hastings asked the court to extend its exclusive filing period by 45 days through Nov. 25 and the solicitation period through Jan. 24.

The company said it is completing store closing sales, which are scheduled to conclude on or before Oct. 31. In addition, Hastings said it is continuing to market its remaining assets and will ask the court to set Oct. 28 as the deadline for the filing of non-governmental claims against the company.

“The debtors believe the additional time beyond October 11, 2016, is necessary to complete sales of their remaining assets, assess proofs of claim that will be filed in the debtors’ cases and determine the appropriate next steps forward for these cases,” the motion said.

A hearing is scheduled for Sept. 6.

Amarillo, Texas-based Hastings Entertainment is a multimedia entertainment retailer. The company filed bankruptcy on June 13 under Chapter 11 case number 16-11452.

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