R&G Financial seeks third exclusivity extension to address issues

By Lisa Kerner

Charlotte, N.C., Feb. 8 - R&G Financial requested a third extension of its exclusive periods to file and solicit votes on a plan of reorganization, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Puerto Rico.

The company wants to extend its exclusive filing period to April 30 from March 1 and the solicitation period to June 30 from April 30.

In December the court extended R&G's exclusive filing period to March 1 from Dec. 31 and its solicitation period to April 30 from March 1.

According to the motion, R&G is negotiating a plan, but the structure of the plan will be greatly influenced by a number of issues the company is still addressing, including the results of an upcoming Internal Revenue Service administrative proceeding now expected to occur in April.

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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