May 31, 2019 / 9:32 PM / 2 months ago

Payless seeks more time for Ch. 11 plan amid probe of majority equity holder

Bankrupt footwear chain Payless Holdings LLC on Thursday sought a court order for more time to work on a reorganization plan while it also investigates whether it can pursue claims against Alden Global Capital LLC, its majority controlling equity holder.

Payless in a filing in U.S. Bankruptcy Court for the Eastern District of Missouri said an extension of its exclusive period for filing a Chapter 11 plan through Oct. 16 would be “prudent” in light of “significant progress” on a potential reorganization while it investigates transactions involving Alden.

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