Mortgage Lenders Network seeks 90-day exclusivity extension

By Rebecca Melvin

Highland Mills, N.Y., Jan. 2 - Mortgage Lenders Network USA Inc. requested a 90-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan filing period to April 1 from Jan. 2 and the solicitation period to June 1 from March 3.

According to the motion, the company has been involved in the wind-down and liquidation of assets and a number of complex litigation matters that have developed in relation to the wind-down and liquidation.

Mortgage Lenders said it has also filed lawsuits that may bring additional proceeds for distribution to creditors.

Mortgage Lenders Network, a Middletown, Conn.-based lending company, filed for bankruptcy on Feb. 5, 2007. Its Chapter 11 case number is 07-10146.

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