NEW YORK -- Crystal Brands Inc. received bankruptcy court approval Tuesday for a 90-day extension of its exclusivity period to file a plan of reorganization.
Bankruptcy Judge Prudence Abram granted the extension, which bars everyone but Crystal Brands from filing a plan through August 18. There were no objections to the extension.
After the brief hearing, Sharon Youdelman, of Weil Gotshal & Manges, counsel to Crystal, said the company has been refining its business plan and last week presented it to Crystal's unsecured creditors.
She would not say when the company would emerge from Chapter 11, but said Crystal hopes to have a consensual plan of reorganization ready before the end of the year.
Meanwhile, Youdelman said Crystal is selling its EP Pro and women's private label sportswear business to an unnamed company insider. Crystal had originally agreed to accept the insider's bid before opting for a sealed bid auction. When no other offer was received, Youdelman said, the insider's bid was endorsed.
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