Lenders Decry TitleMax Bid For Prolonged Ch.11

Law360, New York (August 7, 2009, 5:47 PM EDT) -- Under the gun to produce a reorganization plan, TitleMax Holdings Inc. may have a hard time securing a requested four-month extension now that secured lenders contend the title-lending company is merely trying to avoid paying interest on a matured $164 million credit facility.

Merrill Lynch Mortgage Capital Inc. spoke out Thursday against TitleMax’s bid for more time to file a plan, contending the debtor is seeking to prolong its stay in bankruptcy as a way to pressure the lenders to accept unsatisfactory refinancing terms on the...
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