Ocala Funding second two-month exclusivity extension to negotiate plan

By Lisa Kerner

Charlotte, N.C., Dec. 14 - Ocala Funding, LLC requested a second 60-day extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The company wants to extend its exclusive filing period to March 7 from Jan. 6 and the solicitation period to May 6 from March 7.

Previously, the court extended Ocala's exclusive filing period to Jan. 6 from Nov. 8 and the solicitation period to March 7 from Jan. 7.

Although it is close to being prepared to file a plan and a related disclosure statement, Ocala said it needs more time to further negotiations and finalize its agreement with some restructuring support agreement parties.

The debtor believes that "a second, brief extension of exclusivity to allow it to finalize negotiations with creditors holding substantially all known claims against it is prudent and in the best interest of all of its creditors," the filing said.

Ocala Funding, an Orlando, Fla.-based financing vehicle, filed for bankruptcy on July 10. Its Chapter 11 case number is 12-04524.

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