Urban plan draft submission deadline extended to Dec. 22

By Caroline Salls

Pittsburgh, Nov. 12 - Urban Corp.'s deadline for submitting a draft rehabilitation plan has been extended to Dec. 22 from Nov. 11, according to a notice to stakeholders.

According to the notice, procedures for selecting sponsors are progressing favorably, but, because of the enormous scale of company assets, the sponsor candidates have requested more time to perform due diligence investigations to properly evaluate the corporate value of the company.

Once the closing bid is made in early December, Urban said the sponsor will be determined, and the company will formulate a draft rehabilitation plan.

Urban is a Hiroshima, Japan-based real estate company. It filed for civil rehabilitation in the Tokyo District Court in August.

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