Fighting FDIC, Colonial Seeks Exclusivity Extension

Law360, New York (June 7, 2010, 6:02 PM EDT) -- The Colonial Bancgroup Inc. has asked a bankruptcy judge to extend its exclusive periods for filing and soliciting acceptance of its Chapter 11 plan so the court can first decide a dispute between the debtor and the Federal Deposit Insurance Corp. over $38 million in deposits.

In a motion filed Friday in the U.S. Bankruptcy Court for the Middle District of Alabama, Colonial asked the court to push the end of its exclusive filing period from June 18 to Aug. 20 and the end of its...
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