Residential Capital gets exclusivity extension to continue plan talks

By Lisa Kerner

Charlotte, N.C., Dec. 20 - Residential Capital, LLC was granted an extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The court extended the exclusive filing period through Feb. 28 from Dec. 20 and the solicitation period through April 29 from Feb. 18.

In making its request, ResCap said the exclusive periods should be extended to allow it to continue discussions with major stakeholders "on a broad spectrum of complex issues in an effort to forge a path to a consensual plan."

Residential Capital, a New York-based mortgage originator and servicer, filed for bankruptcy on May 14, 2012. Its case number is 12-12020.

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