Colonial BancGroup granted two-month exclusivity extension for plan

By Jennifer Lanning Drey

Portland, Ore., June 14 - Colonial BancGroup, Inc. was granted a two-month extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Monday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.

The exclusive plan filing period was extended to Aug. 20 from June 18, and the solicitation period to Oct. 29 from Aug. 20.

When requesting the extension, Colonial said it could not 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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