Metropolitan Mortgage & Securities gets extension to exclusive period

New York, Oct. 29 - Metropolitan Mortgage & Securities Inc. received its requested extension to its exclusive period to solicit support for its plan of reorganization.

The company now has until 60 days after it receives an order approving the disclosure statement to solicit acceptances.

In a filing requesting the extension, the company said it was unlikely to achieve confirmation of the plan by Nov. 1, the old deadline, because of a continuing investigation by the case examiner into inter-company claims between Metropolitan Mortgage and Summit Securities, Inc.

The examiner is required to file a report by Oct. 25.

The order extending the exclusive period was filed with the U.S. Bankruptcy Court for the Eastern District of Washington Wednesday.

Metropolitan Mortgage & Securities filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

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