Bankrupt Lender Gets 5th Exclusivity Extension

Law360, New York (June 26, 2008, 12:00 AM EDT) -- The court overseeing Mortgage Lenders Network USA Inc.'s Chapter 11 proceedings has extended the company's exclusive control of its reorganization for the fifth time since the lender filed for bankruptcy protection in February 2007.

Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware signed off Tuesday on an order adding another 83 days to its exclusivity period for filing a restructuring plan, until Aug. 6, and another 98 days to lobby for support for the plan, until Oct. 6.

Mortgage Lenders...
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