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IN the UNITED STATES BANKRUPTCY COURT for the MIDDLE DISTRICT of TENNESSEE in RE: ) ) Case No

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IN the UNITED STATES BANKRUPTCY COURT for the MIDDLE DISTRICT of TENNESSEE in RE: ) ) Case No IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF TENNESSEE IN RE: ) ) Case No. 3:20-bk-03138 OLD TIME POTTERY, LLC, ) Chapter 11 ) Judge Marian F. Harrison Debtor. ) IN RE: ) ) Case No. 3:20-bk-03139 OTP HOLDINGS, LLC, ) Chapter 11 ) Judge Marian F. Harrison Debtor. ) THE DEADLINE FOR FILING A TIMELY RESPONSE IS: July 21, 2020 IF A RESPONSE IS TIMELY FILED, THE HEARING WILL BE HELD ON July 28, 2020 at 9:00 a.m., in Courtroom 3, 2nd Floor, Customs House, 701 Broadway, Nashville, Tennessee. NOTICE OF MOTION TO EXTEND TIME TO ASSUME OR REJECT NONRESIDENTIAL REAL PROPERTY LEASES Old Time Pottery, LLC and its affiliate Debtor, OTP Holdings, LLC (collectively “Old Time Pottery”, the “Company”, or the “Debtors”), as debtors and debtors-in-possession, by and through their undersigned counsel, have asked the court for entry of an order extending the time to assume or reject nonresidential real property leases. YOUR RIGHTS MAY BE AFFECTED. If you do not want the court to grant the attached application by entering the attached order, or if you want the court to consider your views on the application, then on or before the response date stated above, you or your attorney must: 1. File with the court your response or objection explaining your position. Please note: the Bankruptcy Court for the Middle District of Tennessee requires electronic filing. Any response or objection you wish to file must be submitted electronically. To file electronically, you or your attorney must go to the court website and follow the instructions at: <https://ecf.tnmb.uscourts.gov>. If you need assistance with Electronic Filing you may call the Bankruptcy Court at (615) 736-5584. You may also visit the Bankruptcy Court in person at: 701 Broadway, 1st Floor, Nashville, TN (Monday - Friday, 8:00 A.M. - 4:00 P.M.). 2. Your response must state the deadline for filing responses, the date of the scheduled hearing and the application to which you are responding. If a response is filed before the deadline stated above, the hearing will be held at the time and place indicated above. THERE WILL BE NO FURTHER NOTICE OF THE HEARING DATE. You may check whether a timely response has been filed by viewing the case on the court’s website at <https://ecf.tnmb.uscourts.gov>. If you or your attorney does not take these steps, the court may decide that you do not oppose the relief sought in the application and may enter the attached order granting that relief. Case 3:20-bk-03138 Doc 43 Filed 06/29/20 Entered 06/29/20 16:44:38 Desc Main Document Page 1 of 17 Date: June 29, 2020 Respectfully submitted, /s/ Glenn B. Rose Paul G. Jennings, TN Bar No. 14367 Glenn B. Rose, TN Bar No. 10598 Gene L. Humphreys, TN Bar No. 21807 Michael C. Tackeff, TN Bar No. 36953 Bass, Berry & Sims PLC 150 Third Avenue South, Suite 2800 Nashville, TN 37201 Telephone (615) 742-6200 Facsimile (615) 742-6293 [email protected] [email protected] [email protected] [email protected] Proposed Counsel for Debtor 2 Case 3:20-bk-03138 Doc 43 Filed 06/29/20 Entered 06/29/20 16:44:38 Desc Main Document Page 2 of 17 IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF TENNESSEE NASHVILLE DIVISION IN RE: ) ) Case No. 3:20-bk-03138 OLD TIME POTTERY, LLC, ) Chapter 11 ) Judge Marian F. Harrison Debtor. ) IN RE: ) ) Case No. 3:20-bk-03138 OTP HOLDINGS, LLC, ) Chapter 11 ) Judge Marian F. Harrison Debtor. ) MOTION TO EXTEND TIME TO ASSUME OR REJECT NONRESIDENTIAL REAL PROPERTY LEASES Old Time Pottery, LLC and its affiliate Debtor, OTP Holdings, LLC (collectively “Old Time Pottery”, the “Company”, or the “Debtors”), as debtors and debtors-in-possession, by and through their undersigned counsel, respectfully request pursuant to section 365(d)(4) of title 11 of the U.S. Code (the “Bankruptcy Code”) for entry of an order substantially in the form attached as Exhibit A (the “Proposed Order”): (i) extending the time within which the Debtors may assume or reject unexpired leases of nonresidential real property for ninety (90) days, through and including January 25, 2021, or such later date as may be agreed upon in writing between a Debtor and the applicable lessor (the “Extended 365 Lease Deadline”), and (ii) granting related relief. In support of this motion (the “Motion”), the Debtors respectfully state: Case 3:20-bk-03138 Doc 43 Filed 06/29/20 Entered 06/29/20 16:44:38 Desc Main Document Page 3 of 17 JURISDICTION AND VENUE 1. The Court has jurisdiction to consider this matter pursuant to 28 U.S.C. §§ 157 and 1334. This is a core proceeding under 28 U.S.C. § 157(b). Venue is proper in this district pursuant to 28 U.S.C. §§ 1408 and 1409. 2. The statutory predicate for the relief requested herein is section 365(d)(4) of the Bankruptcy Code. BACKGROUND 3. Old Time Pottery is a retailer headquartered in Murfreesboro, Tennessee focused on selling home décor and seasonal items. As of the Petition Date, the Company operates 43 retail locations located in 11 states. Old Time Pottery was performing well prior to the shutdown of American retailers caused by the COVID-19 pandemic; however, the COVID-19 related shutdown caused Company sales to decline precipitously beginning in mid-March. As a result, the Company furloughed most of its employees and took immediate steps to conserve cash. The Company’s business has improved as stay-at-home restrictions ease and more home décor shoppers venture out, but the Company believes that reorganizing under Chapter 11 of the Bankruptcy Code will be in the best long-term interest of all constituencies and allow Old Time Pottery to emerge stronger. The Debtors’ Chapter 11 voluntary petitions were filed on June 28, 2020 (the “Petition Date”). RELIEF REQUESTED AND BASIS FOR RELIEF 4. The Debtors are parties to approximately 45 leases of nonresidential real property (collectively, the “Leases”), where the Debtors operate their business, either retail stores or company headquarters or warehouse space. A list of the Debtors’ Leases, including the address of the leased property (collectively, the “Leased Properties”) and the respective landlord (collectively, the 2 Case 3:20-bk-03138 Doc 43 Filed 06/29/20 Entered 06/29/20 16:44:38 Desc Main Document Page 4 of 17 “Landlords”) for the Leased Properties is attached as Exhibit B. As a result of the economic shutdown due to COVID-19, the Debtors have prepetition amounts owing to Landlords. In addition, by separate first-day motion, the Debtors sought approval to begin certain store closing sales, which could affect what Leases the Debtors choose to assume as part of their Chapter 11 reorganization. 5. The current date by which the Debtors have to move to assume the Leases under section 365(d)(4) of the Bankruptcy Code is 120 days after the Petition Date, which is October 26, 2020, (the “Existing 365(d)(4) Deadline”). Without limitation, extending the Existing 365(d)(4) Deadline by ninety (90) days, to January 25, 2021, will ensure that the Debtors have adequate time to evaluate fully each of their leases and to negotiate cure periods and any amendments to the Leases that may be necessary for the Debtors’ successful reorganization. Accordingly, an extension of the Existing 365(d)(4) Deadline is in the best interests of the Debtors’ estates. 6. In particular, the Debtors and their advisors need significant time to discuss issues with their many landlords in order to determine which Leases should ultimately be assumed as part of the Debtors’ reorganization. The Debtors need additional time in order to achieve the best results for the benefit of all creditors and parties-in-interest in the Debtors’ reorganization. To the extent the Debtors cannot reach a reasonable accommodation from some Landlords, the Debtors’ business judgment and the best interests of the estate may lead the Debtors to conclude that certain additional stores be closed and certain additional Leases be rejected. 7. Furthermore, prompt extension of this deadline is a requirement of the Debtors’ DIP Credit Agreement. The DIP Lenders want and need assurances that the Debtors have adequate time to reorganize their business and are not rushed into a decision to assume or reject their leases. 8. Section 365(d)(4) of the Bankruptcy Code provides a 120-day deadline by which the Debtors must assume or reject nonresidential real property leases: (A) Subject to subparagraph (B), an unexpired lease of nonresidential 3 Case 3:20-bk-03138 Doc 43 Filed 06/29/20 Entered 06/29/20 16:44:38 Desc Main Document Page 5 of 17 real property under which the debtor is the lessee shall be deemed rejected, and the trustee shall immediately surrender that nonresidential real property to the lessor, if the trustee does not assume or reject the unexpired lease by the earlier of – (i) the date that is 120 days after the date of the order for relief; or (ii) the date of the entry of an order confirming a plan 11 U.S.C. §365(d)(4). The court may extend the period for 90 days on the motion of the trustee or lessor for cause: (B)(i) The court may extend the period determined under subparagraph (A), prior to the expiration of the 120-day period, for 90 days on the motion of the trustee or lessor for cause. Id. The Bankruptcy Code does not define what constitutes “cause” for extending the time period for assuming or rejecting leases under section 365(d)(4)(B)(i).
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