LandAmerica requests four-month exclusivity extension to continue evaluating options

By Jennifer Lanning Drey

Portland, Ore., March 9 - LandAmerica Financial Group, Inc. requested a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan from the U.S. Bankruptcy Court for the Eastern District of Virginia, according to a Friday filing.

The company wants to extend the exclusive plan-filing period to July 24 from March 26 and the solicitation period to Sept. 22, 2009 from May 25.

LandAmerica said the first month of its Chapter 11 case was consumed by the process of obtaining approval for the sale of its underwriters to Fidelity National Financial, Inc., which has been exceedingly complex.

LandAmerica said it has been evaluating the company's remaining businesses to determine the manner to best maximize value, including through one or more sales of its remaining businesses.

The company said it needs more time to conclude its evaluation and to take appropriate actions in response.

A hearing is scheduled for March 19.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-35994.

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