ResCap wins OK for exclusivity extension to finalize Chapter 11 plan

By Jim Witters

Wilmington, Del., June 12 - Residential Capital, LLC received approval for a 75-day extension of its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a June 12 filing with the U.S. Bankruptcy Court for the Southern District of New York.

In seeking the extension, the company said it has made "tremendous progress" toward a consensual Chapter 11 plan.

However, the hearing on approval of its plan support agreement isn't until June 26, and the parties need more time to draft and finalize the plan and disclosure statement and seek approval of the disclosure statement.

The exclusive period for filing a Chapter 11 plan is extended through Aug. 21 from June 6. The exclusive period for soliciting plan acceptances is extended through Oct. 21 from Aug. 5.

Residential Capital, a New York-based mortgage originator and servicer, filed for bankruptcy on May 14, 2012. Its case number is 12-12020.

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