SACKETS HARBOR, N.Y., Feb. 23, 2010 (GLOBE NEWSWIRE) -- Hackett's Stores, Inc. (Pink Sheets:HCKI), a holding of Seaway Valley Capital Corporation (Pink Sheets:SEVA), announced today that its wholly owned subsidiary, Patrick Hackett Hardware Company, may soon have the March hearing to convert the Chapter 11 case to a Chapter 7 case withdrawn upon the receipt of certain additional items from the Company's subsidiary.
David Antonucci, Patrick Hackett's counsel, stated that late last week the company received "a checklist of a last few items" of required court filings and that the U.S. Trustee "is prepared to withdraw the motion when [they] are received" by the court. Herbert Becker, President of Patrick Hackett, continued, "Late last week our attorney was given a list of four items that company needed to file for the court to withdraw its motion to convert this case, and as of this moment three of those have been filed. Additionally, we are right now prepared to file the fourth with the signoff of certain creditors." Mr. Becker continued, "At that point we hope to officially move beyond this juncture and again focus on presenting the court a plan for the emergence of Patrick Hackett Hardware Company from protection, which we think we can do in a number of weeks."
Hackett's Stores, Inc. is the parent company of Patrick Hackett Hardware Company. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service paint, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods.
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