Former Wet Seal wins three-month extension of exclusive plan periods

By Caroline Salls

Pittsburgh, June 1 – Seal123, Inc., formerly Wet Seal, Inc., received a 90-day extension of its exclusive filing and solicitation periods for a Chapter 11 plan of liquidation, according to an order filed June 1 with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive plan-filing period was extended through Aug. 13 from May 12 and its solicitation period through Oct. 12 from July 12.

According, to the motion, Seal123 is exchanging drafts of a liquidation plan with its official committee of unsecured creditors and its asset buyer Versa Capital Management, LLC, but the parties have yet to reach a fully consensual plan.

Wet Seal, a Foothill Ranch, Calif.-based clothing retailer, filed for bankruptcy on Jan. 15 under Chapter 11 case number 15-10081.

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