Doral eyes exclusivity extension to liquidate assets, negotiate plan

By Caroline Salls

Pittsburgh, Oct. 6 – Doral Financial Corp. is seeking an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period through Dec. 31 from Oct. 7 and the solicitation period through March 30 from Jan. 5.

While it has continued to make substantial progress in this case, including in connection with the liquidation of its assets, Doral said it needs more time to finalize the liquidation of some remaining assets and to complete Chapter 11 plan negotiations.

According to the motion, talks with the official committee of unsecured creditors regarding extension of the exclusive periods are ongoing.

A hearing is scheduled for Oct. 20.

Doral is a holding company based in San Juan, Puerto Rico. The company filed for bankruptcy on March 11, 2015 under Chapter 11 case number 15-10573.

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