Mortgage Lenders Network seeks 120-day exclusivity extension

By Caroline Salls

Pittsburgh, May 31 - Mortgage Lenders Network USA, Inc. requested a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Oct. 3 from June 5 and the solicitation period to Dec. 4, 2007 from Aug. 6.

According to the motion, Mortgage Lenders has used its bankruptcy case so far to sell its mortgage loans and to transfer its servicing assets, as well as to establish communications with key constituents.

The company said it has also begun litigation that could result in increased creditor recoveries.

As a result, Mortgage Lenders said it needs more time to formulate and propose a plan.

A hearing is scheduled for June 20.

Mortgage Lenders Network, a Middletown, Conn.-based lending company, filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 07-10146.

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