Former Wet Seal exclusive plan solicitation period extended to Nov. 30

By Caroline Salls

Pittsburgh, Oct. 15 – Seal123, Inc., formerly Wet Seal, Inc., obtained court approval to extend its exclusive period to solicit votes on its Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the exclusive solicitation period was extended to Nov. 30.

According to the motion, “the debtors and the committee are proceeding expeditiously toward confirmation of the plan, with a confirmation hearing set for Oct. 30, 2015. The debtors believe that there is broad support for confirmation of the plan, and submit that the requested extension of the solicitation period is both appropriate and necessary.”

The motion also said termination of the solicitation period could adversely affect progress made to date in the Chapter 11 cases, as well as the company’s efforts to preserve and maximize the value of the estates.

Wet Seal, a Foothill Ranch, Calif.-based clothing retailer, filed for bankruptcy on Jan. 15, 2015 under Chapter 11 case number 15-10081.

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