ResCap Scores Extra 60 Days For Ch. 11 Plan Exclusivity

Law360, New York (March 5, 2013, 3:01 PM EST) -- A New York bankruptcy judge on Tuesday allowed Residential Capital LLC another 60 days to submit a Chapter 11 plan without the threat of competing plans being filed after resolving the staunch opposition of a group of bondholders.

At a hearing Tuesday, U.S. Bankruptcy Judge Martin Glenn signed off on ResCap’s motion to prolong the period for a third time, which was reduced from 90 days to 60 days after ResCap reached an agreement with its creditors’ committee “on a roadmap for resolving important plan issues.”...
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