R&G Financial seeks fourth exclusivity extension to address issues

By Lisa Kerner

Charlotte, N.C., April 7 - R&G Financial requested a fourth extension of its exclusive periods to file and solicit votes on a plan of reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Puerto Rico.

The company wants to extend its exclusive filing period to May 31 from April 30 and the solicitation period to July 31 from June 30.

R&G also requested a bridge order in case the court cannot resolve the extension request before April 30.

According to the motion, R&G is "very close" to finalizing its plan. However, the requested 31-day extension will allow the plan "to more accurately reflect the outcomes of the unresolved contingencies presently facing the debtor's estate."

These issues include the approval of a settlement with secured creditor FirstBank Puerto Rico.

In February the court extended R&G's exclusive filing period to April 30 from March 1 and its solicitation period to June 30 from April 30.

R&G, a San Juan, Puerto Rico-based bank holding company, filed for bankruptcy on May 14, 2010. The Chapter 11 case number is 10-04124.

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