PMI Group obtains exclusivity extension, must propose plan by Jan. 3

By Caroline Salls

Pittsburgh, Dec. 6 - PMI Group, Inc. received an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive filing period was extended through Jan. 3 from Nov. 19 and its solicitation period through March 4 from Jan. 17.

PMI said in the motion that it hoped a settlement of net operating loss and tax credit issues would be finalized soon.

As previously reported, the settlement was approved in late November.

With that settlement in hand, the company said it will be able to propose a consensual plan by Jan. 3.

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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