LandAmerica granted four-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., March 19 - LandAmerica Financial Group, Inc. was granted a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, over an objection by the company's official committee of unsecured creditors, according to an attorney.

The exclusive plan-filing period was extended to July 24 from March 26 and the solicitation period to Sept. 22, 2009 from May 25.

"The judge recognized how hard the debtor had been working to facilitate a resolution to the disputes that have been plaguing the case," the attorney said.

The ruling came Thursday from the U.S. Bankruptcy Court for the Eastern District of Virginia.

When requesting the extension, LandAmerica said the first month of its Chapter 11 case was consumed by the process of obtaining approval for the sale of its underwriters to Fidelity National Financial, Inc., which had been exceedingly complex.

LandAmerica said it had been evaluating the company's remaining businesses to determine the manner to best maximize value, including through one or more sales of its remaining businesses.

The company said it needed more time to conclude its evaluation and to take appropriate actions in response.

LandAmerica, a title insurance underwriter based in Glen Allen, Va., filed for bankruptcy on Nov. 26 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 08-35994.

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