BARNEYS SAID TO BE ASKING FOR MORE TIME
NEW YORK — Barneys Inc. plans to seek a 120-day extension of its exclusive right to file a plan of reorganization, according to sources close to the case.
Barneys’ current exclusivity period ends May 5.
However, the counsel for the creditors’ committee, Lawrence Handelsman of Stroock & Stroock & Lavan, said Thursday that the committee might seek to curtail the length of an extension, if one is proposed.
Barneys filed for Chapter 11 in January 1996. Since then, Barneys has sought 120-day extensions on its exclusivity and has settled with the creditors’ committee for 90-day compromises.
Barneys is searching for a partner to help fund its reorganization. So far, Dickson Concepts Ltd. has put in a bid, which was rejected by creditors. Saks Holdings and the Neiman Marcus Group are potential bidders.