R&G Financial exclusive periods extended to allow claims evaluation

By Caroline Salls

Pittsburgh, Sept. 22 - R&G Financial Corp. received an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Puerto Rico.

Specifically, the company's exclusive plan filing period has been extended to Dec. 31 from Sept. 13 and the solicitation period to March 1 from Nov. 12.

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