Tarragon requests two-month extension to its solicitation period

By Alice Popovici

New York, Sept. 18 - Tarragon Corp. requested an extension to its exclusive periods to solicit votes on its plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the District of New Jersey.

The company wants to extend its exclusive solicitation period to Dec. 8 from Oct. 9. In April it received a three-month extension to its plan filing period and its solicitation period.

A hearing has been scheduled for Oct. 8.

Tarragon has already filed a proposed plan of reorganization and disclosure statement and is asking for the extension in order to finalize negotiations with its creditors committee, to file an amended plan and to solicit votes on the plan, according to the motion.

"That additional time hopefully will allow the major constituents in these cases to reach a successful resolution to these Chapter 11 cases without the burden and expense of protracted litigation with respect to confirmation of the [company's] plan," the motion states.

Tarragon, a New York homebuilder, filed for bankruptcy on Jan. 12, 2009. Its Chapter 11 case number is 09-10555.

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