DBSI obtains three-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., April 16 - DBSI, Inc. was granted an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan-filing period was extended by 90 days to June 4 and the solicitation period by the same amount of time to Aug. 3.

When requesting the extension, DBSI said it had made progress in its Chapter 11 bankruptcy case but had only informally begun discussions with its committee of unsecured creditors regarding a consensual plan of reorganization.

The company said a variety of tasks lied ahead before a meaningful plan could be proposed, including completing an analysis of its assets, reviewing its options and determining a restructuring strategy for its non-property management business assets.

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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