Kid Brands and committee secure extension of exclusive plan periods

By Caroline Salls

Pittsburgh, May 6 – Kid Brands, Inc.’s motion for approval of a third, 90-day extension of its exclusive Chapter 11 plan filing and solicitation periods was granted May 5 by the U.S. Bankruptcy Court for the District of New Jersey.

However, the order gives exclusive plan rights to both Kid Brands and its official committee of unsecured creditors.

Specifically, the exclusive filing period was extended to July 13 from April 14 and its solicitation period to Sept. 14 from June 15.

As with previous extension requests, Kid Brands cited the time it has devoted to the marketing and sale of its assets and said it is still “resolving certain critical issues that will impact the debtors’ ability to formulate a confirmable plan.”

“The debtors firmly believe that extending the exclusive periods will permit the plan process to proceed in a rational and thoughtful fashion, maximize value for all parties-in-interest, and enable the debtors to formulate a consensual Chapter 11 plan with input from various stakeholders,” the motion said.

Kid Brands, an East Rutherford, N.J.-based designer, importer, marketer and distributor of infant and juvenile consumer products, filed for bankruptcy on June 18, 2014. The Chapter 11 case number is 14-22582.

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