KB US seeks exclusivity extension to negotiate plan, finalize sales

By Sarah Lizee

Olympia, Wash., Nov. 12 – KB US Holdings, Inc. is seeking a 90-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

The company asked the court to extend the plan filing period through March 21 and the solicitation period through May 20, 2021.

KB US said that, having made substantial progress so far, the debtors are now focused on negotiating a fully consensual Chapter 11 plan with all of their major stakeholders, as well as closing the sale of 27 of their 35 supermarkets to Acme Markets, Inc. and continuing the sale process with respect to the remaining six stores.

KB is a Parsippany, N.J.-based operator of food retail stores. The company filed bankruptcy on Aug. 23 under Chapter 11 case number 20-22962.

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