KB Toys, creditors' committee, Fleet ask for extension to continue talks

By Jeff Pines

Washington, Feb. 18 - KB Toys, Inc., its official committee of unsecured creditors and Fleet Retail Group, Inc. requested an extension to continue their negotiations until Feb. 20, according to a Feb. 17 filing with the U.S. Bankruptcy Court for the District of Delaware.

The three believe they will be able to resolve their disagreements, according to the motion.

The deadline will extend the committee's ability to object to the toy retailer's emergency motion to secure post-petition financing.

KB Toys has a commitment from Fleet for a $350 million debtor-in-possession facility.

A hearing is scheduled for Feb. 26.

KB Toys' Chapter 11 case number for the Pittsfield, Mass.-based company is 04-10120.

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