AmeriFirst Financial gets another extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., March 22 – AmeriFirst Financial, Inc. secured another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period through May 20 from March 6 and the exclusive solicitation period through July 20 from May 6.

The company said cause exists to extend the exclusive periods because the debtors continue to make good-faith progress.

Through the Chapter 11 case, the debtors closed a sale of the bulk of their commercial line of business and obtained approval for the sale of their most valuable asset, which is their mortgage servicing rights.

The company said that, despite ongoing litigation with the official committee of unsecured creditors regarding the committee’s motion seeking standing to pursue estate causes of action, the debtors remain hopeful that negotiations with their key stakeholders to effectuate an orderly wind down of the debtors’ estates through a plan of liquidation will progress.

AmeriFirst Financial is a mortgage lender based in Mesa, Ariz. The company filed bankruptcy on Aug. 24, 2023 under Chapter 11 case number 23-11240.

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