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DBSI requests three-month exclusivity extension
By Jennifer Lanning Drey
Portland, Ore. March 9 - DBSI, Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.
The company wants to extend the exclusive plan-filing period by 90 days to June 4 and the solicitation period by the same amount of time to Aug. 3.
DBSI said it has made progress in its Chapter 11 bankruptcy case but has only informally begun discussions with its committee of unsecured creditors regarding a consensual plan of reorganization.
The company said a variety of tasks lie ahead before a meaningful plan can be proposed, including completing an analysis of its assets, reviewing its options and determining a restructuring strategy for its non-property management business assets.
A hearing has been scheduled for April 15.
Meridian, Idaho-based DBSI controls a network of real estate entities. The company filed for bankruptcy on Nov. 10. Its Chapter 11 case number is 08-12687.
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