Guaranty Financial Group seeks four-month exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 23 - Guaranty Financial Group, Inc. requested an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The company wants to extend its exclusive plan-filing period to July 19 from March 22 and the solicitation period to Sept. 17, 2010 from May 21.

According to the motion, the company needs more time to complete discovery regarding a claim setoff and automatic stay modification motion filed by the Federal Deposit Insurance Corp. and to negotiate a related settlement.

Guaranty Financial, a Dallas-based unitary thrift holding company, filed for bankruptcy on Aug. 27. Its Chapter 11 case number is 09-35582.

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