TMST secures two-month exclusivity extension after sale stoppage

By Caroline Salls

Pittsburgh, Sept. 15 - TMST, Inc., formerly Thornburg Mortgage, Inc., obtained a two-month extension to its exclusive periods to file a Chapter 11 plan and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Maryland.

The company's exclusive plan-filing period was extended to Oct. 28 from Aug. 29 and the solicitation period to Dec. 27 from Oct. 28.

The company said its initial efforts after filing for bankruptcy in May focused on selling debtor Adfitech, Inc. and an orderly wind-down and liquidation of the assets of its other debtors.

However, TMST's official committee of unsecured creditors has since shifted its strategy for the case and asked the company to halt the Adfitech sale process, TMST said in the motion.

TMST is a Santa Fe, N.M., lender specializing in jumbo mortgages. Its Chapter 11 case number is 09-17787.

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