PCS Financial requests two-month second exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., July 16 - PCS Financial Corp. requested a second 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 Northern District of Illinois.

The company wants to extend the exclusive plan filing period to Sept. 30 from July 31 and the solicitation period to Nov. 30 from Sept 30.

PCS said given the overall economic conditions and its need to complete negotiations with lenders and other creditors, it is impossible for the company to propose a plan of reorganization and implement a Chapter 11 exit strategy within the current exclusive periods.

A hearing is scheduled for July 23.

PCS, a Chicago-based commercial lender, filed for bankruptcy on Nov. 13, 2008. Its Chapter 11 case number is 08-30930.

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