Caruso Homes granted six-month exclusivity extension

By Caroline Salls

Pittsburgh, Nov. 10 - Caruso Homes, Inc. obtained an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Maryland.

The company's exclusive plan-filing period was extended to May 1, 2009 from Oct. 21 and the solicitation period to June 30, 2009 from Dec. 20.

According to the motion, since its bankruptcy filing date, the company has had numerous meetings with each of its nine institutional lenders, and, as a number of the lenders are grappling with a multitude of "problem credits" other than Caruso, "the scheduling of these meetings has itself been a daunting task and has proceeded at a slower pace than one might expect."

In addition, Caruso said the uncertainty of the economy has led all of the parties in its case to proceed at a conservative pace, which has slowed down the company's time line.

"Under the circumstance, these cases, filed less than four months ago, are at a very young stage in their development," Caruso said in the motion.

Caruso, a Crofton, Md., property developer and manager, filed for bankruptcy on June 23. Its Chapter 11 case number is 08-18254.

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