Court extends KB Toys' exclusive right to file a plan to Sept. 27, until Nov. 26 to solicit votes

By Jeff Pines

Washington, Aug. 23 - The U.S. Bankruptcy Court for the District of Delaware extended KB Toys Inc.'s exclusive right to file a plan of reorganization to Sept. 27 and until Nov. 26 to solicit votes for the plan, according to a court order filed Monday.

The company's existing exclusive period to file a plan was scheduled to end Aug. 13 but was automatically extended until Monday's hearing. The previous exclusive period to solicit votes was scheduled to end Oct. 12 unless it was extended.

In its request for the extensions, the company said it was holding discussions with its committee of unsecured creditors on the terms, structure and timing of a reorganization plan and that it needed more time to work out the details with the committee.

KB Toys, a Pittsfield, Mass.-based toy retailer, filed for bankruptcy on Jan. 14. Its Chapter 11 case number is 04-10120.

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