ResCap granted approval of request to extend exclusivity periods

By Lisa Kerner

Charlotte, N.C., Aug. 22 - Residential Capital, LLC was granted its request for what it called a final extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to documents filed with the U.S. Bankruptcy Court for the Southern District of New York.

The court extended the exclusive plan-filing period through Nov. 14 from Aug. 21 and the exclusive solicitation period through Jan. 14 from Oct. 21.

As previously reported, ResCap and its official committee of unsecured creditors filed a joint plan on July 3.

Because the plan was filed before the expiration of the current exclusive periods, the company said it believes no party can file a competing plan until the exclusive solicitation period expires.

However, ResCap said it requested the further extension out of an abundance of caution.

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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