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Colonial BancGroup requests two-month extension to exclusive periods
By Caroline Salls
Pittsburgh, June 4 - The Colonial BancGroup, Inc. is seeking an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Friday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.
The company wants to extend its exclusive filing period to Aug. 20 from June 18 and the solicitation period to Oct. 29 from Aug. 20.
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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