Delta Financial requests exclusivity extension to resolve inter-company issues

By Caroline Salls

Pittsburgh, July 28 - Delta Financial Corp. has requested a third extension to its exclusive periods to file a plan of liquidation and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company wants to extend its exclusive plan-filing period to Sept. 19 from July 25 and the solicitation period to Nov. 21 from Sept. 26.

According to the motion, while the plan process is moving forward, Delta Financial and its official committee of unsecured creditors still need to resolve complex inter-company issues before the company can finalize and file a plan of liquidation.

A hearing is scheduled for Aug. 18.

Delta Financial, a Woodbury, N.Y., specialty consumer finance company, filed for bankruptcy on Dec. 17, 2007. Its Chapter 11 case number is 07-11880.

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