R&G Financial seeks to extend exclusive period for soliciting votes

By Jim Witters

Wilmington, Del., Oct. 13 - R&G Financial Corp. is seeking an extension of its exclusive period for soliciting acceptances of its Chapter 11 plan to Dec. 31, according to documents filed on Oct. 12 in the U.S. Bankruptcy Court for the District of Puerto Rico.

The current exclusive period for vote solicitation ends Oct. 31.

R&G filed its Chapter 11 plan of liquidation and disclosure statement on May 31.

"Under the confirmation timeline approved in the solicitation procedures order, solicitation of acceptances of the first amended plan will continue through Nov. 17," according to the filing. A hearing to consider plan confirmation is scheduled for Nov. 29.

Both events fall after the Oct. 31 solicitation deadline.

If the court is unable to resolve the motion before Oct. 31, the debtor requested a bridge order to extend the solicitation period until the court rules on the motion.

R&G, a San Juan, Puerto Rico-based bank holding company, filed for bankruptcy on May 14, 2010. The Chapter 11 case number is 10-04124.

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