KB Toys granted three-month exclusivity extension to formulate plan

By Jennifer Lanning Drey

Portland, Ore., May 12 - KB Toys, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan-filing period was extended to July 9 from April 10 and the solicitation period to Sept. 8 from June 9.

When requesting the extension, KB Toys said it had focused much of its time and resources on selling its assets, closing its retail stores and winding down its operations.

As a result, the company said it has not had time to formulate a plan.

KB Toys, a Pittsfield, Mass., mall-based toy retailer, filed for bankruptcy on Dec. 11. Its Chapter 11 case number is 08-13269.

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