ResCap Seeks More Time To File Ch. 11 Plan

Law360, New York (December 7, 2012, 5:24 PM EST) -- Residential Capital LLC asked a New York bankruptcy judge Thursday to extend through the end of February the period during which it alone can float a Chapter 11 plan, citing the unresolved issue of residential mortgage-backed securities litigation.

The bankrupt Ally Financial Inc. unit asked U.S. Bankruptcy Judge Martin Glenn to extend the exclusivity period, currently set to expire Dec. 20, as well as extending the date by which it must finish soliciting votes for any plan from Feb. 18 to April 29. It's the second...
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