Corus Bankshares' creditors committee wants to file competing plan

By Lisa Kerner

Charlotte, N.C., Sept. 17 - Corus Bankshares Inc.'s official committee of unsecured creditors filed an objection to the company's request for an extension of its exclusivity periods, according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

"The exclusivity motion should be denied in order that the committee can propose and confirm a straightforward plan of liquidation that allows for the prosecution of all necessary litigation and the distribution to creditors of the debtors remaining assets," the filing said.

Otherwise, according to the committee, "the debtor will continue to ignore the interests of the true stakeholders in this case and will waste valuable estate resources with no corresponding benefit."

As previously reported, Corus asked the court to extend its exclusive plan filing period to Jan. 31 from Oct. 13 and the solicitation period to April 1, 2011 from Dec. 10.

A hearing is set for Sept. 23.

Corus, a Chicago-based bank holding company, filed for bankruptcy on June 15. Its Chapter 11 case number is 10-26881.

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