LandAmerica secures exclusivity extension to resolve estate issues

By Caroline Salls

Pittsburgh, July 23 - LandAmerica Financial Group, Inc. obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Virginia.

The company's exclusive plan filing period was extended to Sept. 15 from July 24 and the solicitation period to Nov. 15 from Sept. 22.

LandAmerica said it has been working to resolve inter-estate issues, including the treatment of intercompany transfers and allocation of contingent claims asserted by the IRS.

The company's official committee of unsecured creditors has agreed to a proposed resolution of inter-estate issues that will serve as the framework for a largely consensual plan of liquidation.

However, mediation to define the settlement entitlements of various types of LandAmerica 1031 Exchange Services customers has not yet begun.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26, 2008. Its Chapter 11 case number is 08-35994.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.