Citing Turmoil, Subprime Lender Gets More Time

Law360, New York (March 28, 2008, 12:00 AM EDT) -- Bankrupt subprime lender Fieldstone Mortgage Co. has won three more months to come up with a reorganization plan, though it is less time than the company asked for to negotiate and create a plan.

The company told the court overseeing its Chapter 11 proceedings that it needed more time to negotiate with parties who might purchase the debtor's assets or help it put together a plan based on Fieldstone's existing lending platform.

U.S. Bankruptcy Judge James F. Schneider signed off on an order extending Fieldstone's exclusive...
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