PMI Group: Court extends exclusive plan-filing period through Oct. 19

By Caroline Salls

Pittsburgh, Sept. 7 - PMI Group, Inc. received an extension through Oct. 19 of its exclusive period for filing a plan of reorganization, according to a Sept. 7 filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive plan period was previously scheduled to expire on Aug. 20.

The court also extended the company's exclusive plan-vote solicitation period through Dec. 17 from Oct. 18.

According to the motion, PMI has focused a majority of its time and resources in bankruptcy on negotiating and receiving approval of a transition services agreement, working with its official committee of unsecured creditors and PMI Mortgage Insurance Co. on tax attributes, drafting a plan and working through numerous proofs of claim.

The company said it has accomplished all of this with a very limited workforce.

PMI said the extension will give it more time to negotiate with the creditors committee and other parties in interest in the hopes of reaching a consensual plan.

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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