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KB Toys asks to extend exclusive periods
New York, Feb. 11 - KB Toys, Inc. asked for an extension to its exclusive periods in a filing Friday with the U.S. Bankruptcy Court for the District of Delaware.
The Pittsfield, Mass., toy retailer asked for its exclusive period to file a plan to be prolonged to May 15 from Feb. 15 and its exclusive period to solicit votes to be extended to July 15 from April 16.
So far the company has made "substantial progress" in developing a revised business model and working with creditors to draw up a consensual plan of reorganization, KB Toys said in the filing.
It added, however, that the work is not yet complete.
A hearing is set for Feb. 28.
KB Toys filed for bankruptcy on Jan. 14, 2004. Its Chapter 11 case number is 04-10120.
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