WorldVentures seeks 60-day exclusivity extension to continue talks

By Sarah Lizee

Olympia, Wash., June 25 – Spherature Investments LLC, which does business as WorldVentures, is seeking a 60-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Texas.

Specifically, the company asked the court to extend the plan filing period through Sept. 17 from July 19 and the solicitation period through Nov. 16 from Sept. 17.

The company said it needs more time to conclude negotiating terms to include in its plan of reorganization.

WorldVentures said it is seeking the extension to work through numerous complex financial and operational issues that will enable the debtors and their businesses to emerge from Chapter 11 in a timely manner.

Plano, Tex.-based WorldVentures sells travel and lifestyle community memberships. The company filed bankruptcy on Dec. 21, 2020 under Chapter 11 case number 20-42492.

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