PMI Group wins 60-day exclusivity extension to negotiate, draft plan

By Caroline Salls

Pittsburgh, April 11 - PMI Group, Inc. has obtained 60-day extensions of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to documents filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, PMI's exclusive filing period was extended to May 21 from March 22 and the solicitation period to July 20 from May 21.

The company said it needs the additional time to conclude negotiations with various parties and draft a plan in conjunction with the official committee of unsecured creditors.

PMI, a Walnut Creek, Calif.-based provider of residential mortgage insurance and credit enhancement products, filed for bankruptcy on Nov. 23. Its Chapter 11 case number is 11-13730.

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