Shane Reorganization Put Off … Again

Shane has, once again, received more time to formulate its reorganization plan.

The date has now been pushed back to July 15. This is the company’s third extension.

Its court papers note: “Over half of the Debtor’s landlords have agreed to an extension of time within which to assume or reject the landlord’s lease until confirmation of the Debtor’s plan of reorganization. The Debtor continues to monitor the financial performance of each store location, which will also affect the Debtor’s decision as to whether to assume or reject the lease for each such location, the long-term value each store contributes to the Debtor’s bottom line, and the financial projections supporting the Debtor’s reorganization plan.”

Any plan has to be approved by the Shane Creditor’s Committee and creditor M Suresh.

JCK News Director