Fremont General granted shorter-than-requested exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., May 1 - Fremont General Corp. obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan Thursday from the U.S. Bankruptcy Court for the Central District of California, according to an attorney.

The exclusive plan-filing period was extended to June 1 from April 30 and the solicitation period to Sept. 1 from July 29.

The extension is about two weeks shorter than the company had requested. Fremont wanted to extend the exclusive plan-filing period to June 15 and the solicitation period to Sept. 14.

When requesting the additional time, Fremont said the request was a protective measure to ensure there would be enough time remaining to finalize negotiations with its official committees and six potential plan proponents located by KPMG Corporate Finance.

Fremont General, a financial services holding company located in Santa Monica, Calif., filed for bankruptcy on June 18, 2008. Its Chapter 11 case number is 08-13421.

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