PMI Group gets exclusivity extensions to pursue interested investor

By Jim Witters

Wilmington, Del., Jan. 22 - PMI Group, Inc. won approval for its sixth extension of the exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to documents filed Jan. 22 with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a plan is extended through March 4 from Jan. 3. The exclusive period for soliciting plan votes is extended to May 3 from March 4.

In seeking the extensions, the company said it needs the additional time because it received "an indication of interest from a well-known private equity investor who has indicated an interest in infusing new capital into a reorganized debtor in exchange for a minority interest in and management control over the reorganized debtor."

PMI is a Walnut Creek, Calif.-based provider of residential mortgage insurance and credit enhancement products. The company filed for bankruptcy on Nov. 23, 2011 under Chapter 11 case number 11-13730.

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