Legacy Estate Group agrees to two-month exclusivity extension

By Caroline Salls

Pittsburgh, March 17 - Legacy Estate Group LLC agreed to an extension of its exclusive period to file a plan of reorganization to May 20 from March 20, with the exclusive period to end then whether a plan has been filed or not, according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of California.

The company had originally requested its exclusive plan-filing period be extended to Oct. 20, 2006 from March 20.

According to the motion, the extension is necessary because finding an investment banker to market its enterprise took longer than anticipated and now extra time is needed for the marketing process.

In addition, the company said the extension would give it time to negotiate a consensual plan with its three major creditor constituencies and to evaluate claims.

Legacy, a St. Helena, Calif., subsidiary of Connaught Capital Partners LLC, filed for bankruptcy on Nov. 18. Legacy's Chapter 11 case number is 05-14659.

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