Stein Mart eyes exclusivity extension as committee contemplates plan

By Sarah Lizee

Olympia, Wash., Dec. 1 – Stein Mart, Inc. is seeking a 39-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday in the U.S. Bankruptcy Court for the Middle District of Florida.

Specifically, the company is asking the court to extend the plan filing period through Jan. 18 and the solicitation period through March 19.

Stein Mart said that although it and the official committee of unsecured creditors continued to negotiate a possible resolution to the committee’s concerns about the current plan, the debtors intended to file a draft without the support of the committee on Nov. 23, which is 17 days prior to the current exclusive filing period.

“During recent negotiations between the debtors and the committee, there appeared a potential path toward agreement on a consensual plan,” the company said.

“However, additional investigation and research is required before the committee can make a decision whether to support a revised, consensual plan.”

Stein Mart said the committee anticipates providing the debtors with an answer regarding the committee’s position on a potential new plan structure by Dec. 31.

Stein Mart is a Jacksonville, Fla., operator of retail stores. The company filed Chapter 11 bankruptcy on Aug. 12 under case number 20-02387.

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