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Subprime Lender Gets More Time to File Plan

Law360 (June 12, 2007, 12:00 AM EDT) -- Bankrupt subprime lender Ownit Mortgage Solutions Inc. has convinced its unsecured creditors committee and the U.S. Trustee overseeing its Chapter 11 proceedings to agree to extend Ownit's exclusive rights to file and seek support for a restructuring plan by about four weeks.

Ownit, the official committee of unsecured creditors and the U.S. Trustee signed the agreement on June 5. It marked the third time Ownit's exclusive rights were extended since it sought bankruptcy protection in December 2006.

The deadline after which Ownit's exclusive right to file...
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