KB Toys exclusive period to solicit plan votes extended to Sept. 1

By Caroline Salls

Pittsburgh, July 15 - KB Toys, Inc. obtained an extension to its exclusive period to solicit votes on its plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period was extended to Sept. 1 from July 15. The motion asking for additional time was filed jointly by the company and the official committee of unsecured creditors.

KB Toys said it needed more time because the hearing to approve the disclosure statement and consider results of the planned auction of the company was set for July 14, just one day before the previous deadline.

The disclosure statement was approved Friday. The plan confirmation hearing is scheduled for Aug. 18.

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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