KCMVNO requests three-month exclusivity extension, awaiting outcome of sale agreement lawsuit

By Caroline Salls

Pittsburgh, June 30 - KCMVNO, Inc. has requested an extension of its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Oct. 27 from July 29 and the solicitation period to Dec. 26 from Sept. 26.

According to the motion, the company has been focused on its asset sale and has only begun negotiating the terms of a plan with its official committee of unsecured creditors.

In addition, KCMVNO said the outcome of a lawsuit it filed against Cozac, LLC and two of its affiliates, asking the court to enforce the terms of its asset purchase agreement, will determine the value available for distribution to creditors. That trial is scheduled to begin in early August.

A hearing on approval of the exclusivity extension is scheduled for July 17.

KCMVNO, formerly Movida Communications, Inc., a Kansas City, Mo.-based mobile virtual network operator that provides wireless services to Hispanic communities, filed for bankruptcy on March 31. Its Chapter 11 case number is 08-10600.

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