Daily News: April 23, 2013

ResCap Seeks More Time to File Plan of Reorganization

According to a Fox Business article, bankrupt Residential Capital is seeking more time to file its own plan of reorganization. The article noted that ResCap lawyers said in a filing with the U.S. Bankruptcy Court in Manhattan that debtors have “made noteworthy progress toward confirmation of a Chapter 11 plan and are prepared to drive that process to a conclusion.”

Fox Business reported that without Bankruptcy Judge Martin Glenn’s approval, ResCap’s exclusive rights will expire on May 7 for the plan filing, which the company wants until July 10 to file.

To read the entire Fox Business article, click here.

Previously on abfjournal.com:

ResCap Creditors Seek Permission to Sue Ally, Monday, April 15, 2013