KB Toys asks court for extension on exclusivity

By Jeff Pines

Washington, Nov. 1 - KB Toys Inc. asked the U.S. Bankruptcy Court for the District of Delaware Friday to extend its exclusive right to file a reorganization plan until Jan. 14, 2005 from Nov. 17 and its exclusive right to solicit votes for the plan until March 14, 2005 from Jan. 16.

If this request is approved, it would be KB Toys' fourth extension.

The company said it has been negotiating for a consensual plan of reorganization with its unsecured creditors committee for several months and is continuing to do so. KB Toys said it believes it has made progress in its talks but that it will not be able to reach an agreement before the end of this exclusive period.

The Pittsfield, Mass.-based toy retailer filed for bankruptcy on Jan. 14, 2004. Its Chapter 11 case number is 04-10120.

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