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Filene's, Syms creditors committee oppose amended extension request
By Lisa Kerner
Charlotte, N.C., May 23 - Filene's Basement, LLC and Syms Corp.'s official committee of unsecured creditors filed an objection to Filene's and Syms' second amended request for a 106-day extension of their exclusive period for filing a Chapter 11 plan of liquidation or reorganization and a 93-day extension of the exclusive period for soliciting plan acceptances.
Specifically, the companies filed a motion to extend the period for filing a plan through June 15 and the period for soliciting votes through Aug. 31. The plan period would have expired March 1, but an agreed stipulation extended it through April 10. The solicitation period expires May 30.
A hearing on the original motion and the objection are scheduled for May 25 at 11 a.m. ET.
According to the committee's filing, the debtors "have had more than sufficient time to negotiate and file a consensual" Chapter 11 plan, and the plan they advised the committee "they intend to file is not a consensual plan" and not one the committee supports.
The committee objects to a plan that includes a cash out to Marcy Syms.
Instead, the committee wants to file its own plan that "will provide for recoveries to creditors and other stakeholders in a commercially reasonable amount of time and in a manner which is not dominated by the interests of equity," the filing said.
In requesting its latest extension, Filene's and Syms cited the complexity of the cases, saying more time was needed to complete plan negotiations and the disclosure statement/solicitation process.
Syms, a Secaucus, N.J.-based off-price clothing retailer, filed for bankruptcy on Nov. 2, 2011, in the U.S. Bankruptcy Court for the District of Delaware, along with wholly owned subsidiary Filene's Basement. The joint Chapter 11 case number is 11-13511.
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