Wet Seal seeks extension to pursue actions, determine plan prospects

By Caroline Salls

Pittsburgh, Aug. 21 – Wet Seal, LLC requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company wants to extend its exclusive plan-filing period through Nov. 29 from Aug. 31 and the solicitation period through Jan. 29 from Oct. 30.

Wet Seal said it is seeking the proposed extension so that special counsel ASK LLP has sufficient time to prosecute and recover maximum proceeds, which will allow the company to determine the scope of future distributions and the prospect for a viable Chapter 11 plan.

A hearing is scheduled for Oct. 4.

Wet Seal, a Foothill Ranch, Calif., clothing retailer, filed bankruptcy on Feb. 2. The Chapter 11 case number is 17-10229.

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