Tops Holding seeks exclusivity extension to allow ‘rational’ talks

New York, June 8 – Tops Holding II Corp. asked the U.S. Bankruptcy Court for the Southern District of New York to extend its exclusive periods to file a plan of reorganization and solicit acceptances in a motion filed late Thursday.

The company is requesting that the exclusivity be extended to Oct. 22 and Dec. 21, respectively.

In justifying more time, Tops Holding said that it has already made “significant progress” on deleveraging, ensuring leases and supply agreements are on favorable terms and negotiating with its unions and pension funds.

Discussions with creditors have now begun, but additional time is needed to allow them to proceeds “in a rational and efficient manner,” according to the motion.

An extension will also give the company a chance to reach agreement with the United Food and Commercial Workers International Union and others.

A hearing will be held on June 21.

Tops is a Williamsville, N.Y., supermarket operator that filed bankruptcy on Feb. 21. The Chapter 11 case number is 18-22279.

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