FGIC Wins Ch. 11 Plan Exclusivity Extension

Law360, New York (January 26, 2011, 6:03 PM EST) -- FGIC Corp. has convinced a bankruptcy judge to postpone its deadline for filing a reorganization plan so the insurance holding company can broker a clear strategy for restructuring its subsidiary Financial Guaranty Insurance Co.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York approved the extension Tuesday, giving the company until April 1 to file its plan and until June 1 to solicit votes.

FGIC Corp. has two main assets: its $10.7 million in cash, and its equity interest...
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