Guaranty Financial Group secures three-month exclusivity extension

By Caroline Salls

Pittsburgh, Jan. 28 - Guaranty Financial Group, Inc.'s plan of reorganization-filing period has been extended to March 22, according to a Wednesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The exclusive filing period was previously scheduled to expire on Dec. 25.

In addition, the exclusive vote solicitation period has been extended to May 21 from Feb. 23.

According to the motion, during the wind-down process, the company has identified two critical issues that require further exploration before it can file a plan.

The company said the issues include the appropriate division of assets to which both Guaranty Financial and the Federal Deposit Insurance Corp. could claim ownership and an investigation of potential causes of action against various third-parties regarding the company's pre-bankruptcy operations.

Guaranty Financial, a Dallas-based unitary thrift holding company, filed for bankruptcy on Aug. 27. Its Chapter 11 case number is 09-35582.

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