Filene's Basement group eyes adjournment; majority shareholder objects

By Caroline Salls

Pittsburgh, July 5 - Filene's Basement LLC and Syms Corp.'s official committee of unsecured creditors has asked the U.S. Bankruptcy Court for the District of Delaware to adjourn the disclosure statement hearing scheduled for June 9, according to a Thursday court filing.

The committee asked the court to postpone the hearing to July 13, arguing that the parties need time to finalize documents on a global resolution and consensual plan of reorganization.

Syms Corp. majority shareholder Marcy Syms objected to the proposed adjournment, arguing that "the history of this case has demonstrated that imminent deadlines and hearing dates have been a strong factor in motivating the parties to reach consensus."

In addition, Syms said some agreed-to deadlines could be jeopardized by delay, and the terms of the current plan are time sensitive.

Delays also increase the costs of administering the debtors' estates, the objection said.

Syms said there is reason for "cautious optimism" that negotiations will conclude before the disclosure statement hearing.

A hearing on the adjournment request is scheduled for July 6.

Syms, a Secaucus, N.J.-based off-price clothing retailer, filed for bankruptcy on Nov. 2, 2011, along with wholly owned subsidiary Filene's Basement. The joint Chapter 11 case number is 11-13511.

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