PMI Group says investor interested, seeks exclusive periods extension

By Jim Witters

Wilmington, Del., Jan. 2 - PMI Group, Inc. is seeking a sixth extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed Jan. 2 with the U.S. Bankruptcy Court for the District of Delaware.

The company says it needs the additional time because it received "an indication of interest from a well-known private equity investor who has indicated an interest in infusing new capital into a reorganized debtor in exchange for a minority interest in and management control over the reorganized debtor."

If the motion is granted, the exclusive period for filing a plan would be extended through March 4 from Jan. 3. The exclusive period for soliciting plan votes would be extended to May 3 from March 4.

A hearing on the request is scheduled for 11:30 a.m. ET on Jan. 23.

PMI is a Walnut Creek, Calif.-based provider of residential mortgage insurance and credit enhancement products. The company filed for bankruptcy on Nov. 23, 2011. Its Chapter 11 case number is 11-13730.

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