Sequential Brands seeks extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 22 – Sequential Brands Group, Inc. is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through March 29 from Dec. 29 and the solicitation period through May 31 from Feb. 27.

The company said the debtors have continued to work with the holders of term B secured claims on the various mechanics of the plan, such as reaching agreement that the plan would provide for payment of the debtors’ administrative claims.

With full support from the term B lenders, the debtors filed the disclosure statement and plan in December.

The company said the debtors are focusing their efforts on confirming the plan, winding down their operations and affairs, and resolving the Chapter 11 cases in an orderly and efficient manner.

“Accomplishing these tasks since the petition date has been a labor-intensive process for the debtors’ management, employees, and professional advisors,” the company said.

“In light of the above-mentioned circumstances, ample cause exists to extend the exclusive periods.”

New York-based Sequential Brands owns, manages and licenses consumer brands across multiple industries. The company filed bankruptcy on Aug. 31 under Chapter 11 case number 21-11194.

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