Subprime Lender Gets Two More Weeks To File Plan

Law360, New York (June 27, 2007, 12:00 AM EDT) -- Bankrupt subprime lender Ownit Mortgage Solutions Inc.’s unsecured creditors and the U.S. Trustee overseeing its Chapter 11 proceedings have once again agreed to extend Ownit's exclusive rights to file and seek support for a restructuring plan.

Ownit, the official committee of unsecured creditors and the U.S. Trustee agreed to a stipulation on Friday extending the company’s exclusivity period by two weeks. This marks the fourth time that Ownit's exclusive rights were extended since it sought bankruptcy protection in December 2006.

The stipulation, filed in the U.S....
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