First Mariner gets extension of exclusive periods; less than requested

By Kali Hays

New York, June 9 – First Mariner Bancorp received approval for an extension of its exclusive plan of reorganization filing and solicitation periods, according to a Monday order with the U.S. Bankruptcy Court for the District of Maryland.

The company’s exclusive filing period is extended through Aug. 1 from June 10 and its solicitation period through Sept. 30 from Aug. 9, though it had requested an extension through Sept. 8 and Nov. 7, respectively.

As previously reported, the sale of its wholly owned subsidiary, First Mariner Bank, and the related efforts to obtain final regulatory approval and closure of the sale have “consumed the first stage” of the company’s Chapter 11 case leading to the request for an extension, according to the motion.

First Mariner, the Baltimore-based holding company for 1st Mariner Bank, filed bankruptcy on Feb. 10. The Chapter 11 case number is 14-11952.

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