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RGN-Group seeks DIP facility increase, exclusivity extension
By Sarah Lizee
Olympia, Wash., Jan. 28 – RGN-Group Holdings, LLC is seeking a 100-day exclusivity extension and an amendment to its $97 million debtor-in-possession facility that would increase the amount by $43 million, according to motions filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.
DIP increase motion
In addition to increasing the DIP facility to $140 million, the amendment would extend some of the milestones under the agreement.
Specifically, the plan filing deadline would be extended to March 31 from Jan. 31, the plan confirmation deadline would be extended to June 23 from April 16, and the effective date deadline would be extended to June 30 from April 23.
In addition, the debtors would be able to make additional stub rent payments without further authorization from the court.
Exclusivity motion
The company asked the court to extend the exclusive plan filing period through June 23 and the exclusive solicitation period through Aug. 23.
RGN said that since its first exclusivity extension, it has progressed its lease negotiations and related assumption and rejection decisions. But, due to the sheer size and complexity of the process in addition to the uncertainty caused by the ongoing impact of the Covid-19 pandemic and the timing around the vaccine rollout, the debtors need additional time to finalize remaining lease negotiations and related decisions necessary to formulate a value-maximizing Chapter 11 plan.
A hearing on both motions is scheduled for Feb. 17.
Carrollton, Tex.-based RGN provides workplace solutions to independent and mobile professionals, home-based businesses, small and emerging businesses and midsize-to-large corporations. The company filed Chapter 11 bankruptcy on Aug. 17 under case number 20-11961.
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