Value City requests 120-day exclusivity extension to continue discussions with creditors

By Jennifer Lanning Drey

Portland, Ore., Feb. 2 - Value City Holdings, Inc. requested an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive plan-filing period by 120 days to June 23 and the solicitation period by the same amount of time to Aug. 24.

Value City said it has spent the first few months of its bankruptcy focusing on winding down its business operations and attempting to maximize value for its creditors.

The company said it has begun discussions with its official committee of unsecured creditors regarding a consensual plan of liquidation but needs more time to continue to make progress in the discussions.

A hearing is scheduled for Feb. 19.

Value City, a Columbus, Ohio, off-price retailer, filed for bankruptcy on Oct. 26. Its Chapter 11 case number is 08-14197.

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