Last week, Joseph-Beth Booksellers requested more time from bankruptcy court to file a reorganization plan. Their plan had originally been due on March 3. Their hearing has been pushed back to March 23.
The unsecured creditors committee isn't particularly happy with the agreement. They criticized "management and professionals have not yet defined the contours of their reorganized business and how they intend to exit from chapter 11."
The bookseller's debtor-in-possessor financing expires on April 29, and the committee expressed further unhappiness that the bookseller does not seem able to find any alternative financiers, despite its attempts to contact more than 100. The committee thus concluded that "unsecured creditors would fare better in a chapter 7 liquidation than they will under any reorganization scenario."
The company filed for bankruptcy protection in November 2010.