Barneys Asks For More Time To File Ch. 11 Plan After Sale

Law360 (November 6, 2019, 8:03 PM EST) -- After closing on a sale of its assets last week, luxury retailer Barneys New York Inc. asked a New York bankruptcy judge to extend the period during which it has the exclusive right to propose a Chapter 11 plan, saying there is still work to do post-sale.

In its Tuesday motion seeking a 120-day extension of the exclusive period, Barneys said it has made great progress in the three months since filing its bankruptcy petitions, including obtaining post-petition financing, paying down prepetition secured debt, and aggressively marketing and selling its assets to Authentic Brands Group.

"The debtors' progress to date has...

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