Doral Financial approved to extend exclusivity periods by 60 days

By Mark Reccek

Bethlehem, Pa, Jan. 13 – Doral Financial Corp. secured approval to extend its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company’s exclusive filing period was extended through Feb. 29 from Dec. 31 and the solicitation period through May 29 from March 30.

As previously reported, the company said the extensions were needed to allow it more time to finalize the liquidation of remaining assets, such as Doral Financial Plaza, and to complete Chapter 11 plan negotiations.

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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