BARNEYS GETS 6TH EXTENSION ON EXCLUSIVITY
NEW YORK — Barneys Inc., with the agreement of its unsecured creditors committee and Isetan Co. Ltd., has been granted an extension of its exclusive right to file a plan of reorganization to Dec. 2.
Previously, the creditors and Isetan, the landlord of the three Barneys U.S. flagship stores, had agreed to an interim extension to Oct. 10.
The extension agreement, filed in Manhattan bankruptcy court, also provides that Barneys would file another request by Nov. 17 to extend exclusivity beyond Dec. 2. That request, if granted, would be Barneys’ seventh exclusivity extension since it filed for Chapter 11 protection in January 1996.
Dickson Concepts, the Hong Kong-based retailer, signed an agreement in September to buy Barneys for $247 million in cash and debt, plus an equity distribution to creditors.
The extension on exclusivity is necessary because Barneys is in negotiations with the committee, Isetan and other creditors regarding a payout agreement.