PMI Group seeks 30-day extension of exclusive period for filing plan

By Jim Witters

Wilmington, Del., Oct. 16 - PMI Group, Inc. is seeking a 30-day extension of its exclusive periods for filing a Chapter 11 plan of reorganization and for soliciting plan acceptances, according to documents filed Oct. 16 with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time to settle disputes over accounting, auditing, personnel and other services with PMI Mortgage Insurance Co. that are scheduled for mediation on Oct. 17.

"The results of the mediation, if successful, could provide the basis for a consensual Chapter 11 plan. In the event the mediation is unsuccessful, however, the debtor will likely proceed with the standalone plan it has been negotiating with the (official committee of unsecured creditors) before the expiration of the requested extension period," court documents state.

If the motion is granted, the exclusive period for filing a plan would be extended through Nov. 19 from Oct. 19. The exclusive period for soliciting votes in favor of the plan would be extended through Jan. 17 from Dec. 17.

Under local court rules, the filing of the motion automatically extends the current exclusive periods until the court takes action.

A hearing on the request is scheduled for 1:30 p.m. ET on Nov. 19.

PMI is a Walnut Creek, Calif.-based provider of residential mortgage insurance and credit enhancement products. The company filed for bankruptcy on Nov. 23, 2011. Its Chapter 11 case number is 11-13730.

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