R&G Financial asks court for more time to file plan, solicit votes

By Lisa Kerner

Charlotte, N.C., Aug. 24 - R&G Financial Corp. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Puerto Rico.

The company wants to extend its exclusive plan filing period to Dec. 31 from Sept. 13 and the solicitation period to March 1, 2011 from Nov. 12.

R&G also asked for a bridge extension in the event the court cannot resolve the motion by Sept. 13.

In making its request for an extension, R&G said it needed to evaluate all claims filed by both governmental and non-governmental creditors prior to tailoring a plan.

R&G, a San Juan, Puerto Rico-based bank holding company, filed for bankruptcy on May 14. The Chapter 11 case number is 10-04124.

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