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GBG USA, secured lenders extend exclusive plan periods by 60 days
By Sarah Lizee
Olympia, Wash., Jan. 25 – GBG USA Inc. and its prepetition secured lenders agreed to another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a stipulation and agreed order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.
Specifically, the plan filing period was extended through March 28 from Jan. 25 and the solicitation period through May 27 from March 28.
On Nov. 29, the court granted the company’s last motion to extend the exclusive periods by 60 days.
On Dec. 18, the company filed a disclosure statement and joint liquidating plan, and the statement was approved on a conditional basis on Dec. 21. The debtors then started solicitation of the plan.
The plan confirmation hearing is scheduled for Jan. 28.
The company said it has made substantial progress in its case by selling substantially all of its assets, continuing to work on assets sales and working to emerge from Chapter 11.
“Despite this progress, the debtors’ current exclusive filing period will expire before the plan may be confirmed or go effective,” the company said in court documents.
“Therefore, out of an abundance of caution, the parties have agreed to extend the exclusive periods to provide the debtors with an exclusive and unimpeded opportunity to confirm the plan and strive to emerge from these Chapter 11 cases as expeditiously as possible.”
New York-based GBG USA is primarily engaged in operating the wholesale and direct-to-consumer footwear and apparel business in North America. The company filed bankruptcy on July 29 under Chapter 11 case number 21-11369.
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