ResCap gets shorter-than-requested extension of plan exclusive periods

By Jim Witters

Wilmington, Del., March 5 - Residential Capital, LLC received approval for the extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, but the extension was shorter than requested, according to documents filed March 5 with the U.S. Bankruptcy Court for the Southern District of New York.

The court approved an extension of the exclusive period for filing a plan through April 30 from Feb. 28. The exclusive period for soliciting votes was extended through July 1 from April 29.

The company had requested extensions through May 29 and July 29, respectively.

In seeking the extension, the company said it needs the time to conclude ongoing negotiations with creditors.

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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