Former Videology seeks exclusivity extension to negotiate plan terms

By Sarah Lizee

Olympia, Wash., Feb. 26 – VG Liquidation, Inc., formerly Videology, Inc., 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.

Videology asked the court to extend its exclusive plan-filing period for 90 days through June 4 from March 6 and the solicitation period through Aug. 5 from May 6.

“The debtors have been operating under the protection of Chapter 11 for less than 1 year, and during this short period of time have made significant and material progress in administering the Chapter 11 cases,” the motion said.

“The extension requested in this motion will provide the debtors, the creditors’ committee and the active major creditor groups in these cases the opportunity to mediate disputes affecting the ultimate recoveries for creditors of each of the debtors’ estates, including issues relating to the allocation of the net sale proceeds from the sale of the debtors’ businesses and assets, which the debtors and other parties hope will result in a consensual Chapter 11 plan that will avoid the need for the parties to litigate the issues to be addressed in the mediation.”

A hearing is scheduled for April 10.

New York-based Videology is a software provider for converged TV and video advertising. The company filed bankruptcy on May 10, 2018 under Chapter 11 case number 18-11120.

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