Sports Authority will have until Sept. 28 to file a Chapter 11 plan that outlines financial distributions to its creditors, according to a U.S. Bankruptcy Court order made Thursday.
The previously had until June 30 — one day after the scheduled auction of its remaining leases.
“Once the adjourned main auction is held and the liquidation of the debtors’ remaining retail inventory and other assets is complete, the debtors will be able to better determine what proceeds are available for distribution to their creditors and to formulate a Chapter 11 plan,” officials for the Englewood-based Sports Authority said in the motion requesting the extension.
In addition to the auction process, Sports Authority has to market assets such as its intellectual property, trademarks and the Sports Authority Field at Mile High Stadium naming rights. Sports Authority also , The Wall Street Journal reported.
The outcomes of those processes could effect the Chapter 11 plan, said Teresa Lii, an analyst for , which provides analysis on bankruptcy proceedings and distressed-debt markets.The order made Thursday extends the deadline for acceptance of the plan to Nov. 28, according to Reorg.
