Colonial Bancgroup gets second exclusivity extension to resolve claims

By Caroline Salls

Pittsburgh, March 8 - The Colonial Bancgroup, Inc. received an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.

The company's exclusive plan-filing period was extended to June 18 from Feb. 22 and the solicitation period to Aug. 20 from April 22.

Colonial said it cannot formulate a reorganization plan until the various claims, liens and rights to assets asserted by the Alabama Department of Revenue, BB&T and the Federal Deposit Insurance Corp. are resolved.

Colonial Bancgroup is the Montgomery, Ala.-based holding company for Colonial Bank. The company filed for bankruptcy on Aug. 25, 2009. Its Chapter 11 case number is 09-32303.

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