People's Choice Home Loan seeks two-month exclusivity extension

By Caroline Salls

Pittsburgh, Jan. 30 - People's Choice Home Loan Inc. has requested an extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Central District of California.

Specifically, the company wants to extend its exclusive plan-filing period to March 31 from Jan. 31 and the solicitation period to May 31 from March 31.

According to the motion, People's Choice and its official committee of unsecured creditors are working together to formulate a plan of reorganization, and they need more time to finalize an asset liquidation strategy.

A hearing is scheduled for March 11.

People's Choice, an Irvine, Calif., non-prime mortgage lender, filed for bankruptcy on March 20, 2007. Its Chapter 11 case number is 07-10765.

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