Newspaper article THE JOURNAL RECORD

Anthonys Seeks More Time to Reorganize

Newspaper article THE JOURNAL RECORD

Anthonys Seeks More Time to Reorganize

Article excerpt

C.R. Anthony Holding Corp. asked for more time to file a plan of reorganization Tuesday, telling the bankruptcy court it may pursue a separate path than its retail arm, C.R. Anthony Co.

The filing, at the U.S. Bankruptcy Court for the Western District of Oklahoma, stated that a joint plan of reorganization "may not be realistic" or in the best interest of the estate. It said negotiations had proven that the two companies did not "share common goals."

The motion stated that the holding company was looking for separate legal counsel to proceed with a plan, but had not yet found it. It sought another 30 days to file the plan of reorganization, which was due before the court on Dec. 12.

The complex debt structure of the holding company and its numerous creditors located in New York have compounded the problem of finding new counsel, according to the court document.

The extension would allow Anthonys to formulate a reorganization plan that would "minimize court time and litigation costs. …

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