Cornerstone Ministries Investments granted three-month exclusivity extension

By Caroline Salls

Pittsburgh, Sept. 8 - Cornerstone Ministries Investments, Inc. has received a second extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Northern District of Georgia.

The company's exclusive plan-filing period was extended to Dec. 7 from Sept. 8 and the solicitation period to Feb. 5 from Nov. 7.

According to the motion, the company needs more time to formulate a plan.

Cornerstone is a Cumming, Ga., company that offers financial assistance to churches and faith-based organizations that offer senior housing, student housing and daycare facilities. The company filed for bankruptcy on Feb. 10, 2008, and its Chapter 11 case number is 08-20355.

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