Guaranty Financial Group granted four-month exclusivity extension

By Lisa Kerner

Charlotte, N.C., March 16 - Guaranty Financial Group, Inc.'s exclusive periods for filing a plan of reorganization and soliciting votes on the plan were extended, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The court extended Guaranty Financial's exclusive plan-filing period to July 19 from March 22 and the solicitation period to Sept. 17 from May 21.

The company, in making its request for the extension, said it needed 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, 2009. Its Chapter 11 case number is 09-35582.

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