Mortgage Lenders Network granted 120-day exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., June 20 - Mortgage Lenders Network USA, Inc. obtained a 120-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a source familiar with the case.

The company's exclusive plan-filing period was extended to Oct. 3 from June 5 and the solicitation period to Dec. 4 from Aug. 6.

When requesting the extension, the company told the court it had used its bankruptcy case so far to sell its mortgage loans, transfer its servicing assets and establish communications with key constituents.

Therefore, the company said it needed more time to formulate and propose a plan.

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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