Tropical Sportswear seeks extensions to file disclosure statement, plan of liquidation

By Ellen Chang

Houston, March 4 - Tropical Sportswear International Corp. is seeking an extension to the deadline to file its disclosure statement and plan of liquidation, according to a Thursday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The company wants to extend the filing time to March 16 from March 4 and to shorten the 25-day notice period to 20 days and to continue the disclosure statement hearing to April 6.

The latest request follows an extension granted on March 1 by the court from the original deadline of Feb. 28.

The company said it needs the extension because it and the official committee of unsecured creditors have not yet reached an agreement on the plan provisions, including the treatment of the various creditors, the filing said. The short delay is supported by both the company and the creditors so that they can continue their negotiations.

Perry Ellis International, Inc. announced Feb. 28 that it had completed the acquisition of the domestic operating assets of Tropical Sportswear International and the outstanding capital stock of Tropical Sportswear's U.K. subsidiary for $88.5 million in cash.

Tropical, based in Tampa, Fla., filed for bankruptcy on Dec. 16. Its Chapter 11 case number is 04-24134.

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