Meruelo Maddux granted shorter-than-requested exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., July 22 - Meruelo Maddux Properties, Inc. was granted a shorter-than-requested extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Central District of California.

The company's exclusive plan-filing period was extended to Nov. 22 from July 25 and the solicitation period to Jan. 21 from Sept. 23.

Meruelo Maddux had requested that the exclusive plan-filing period be extended to Jan. 21 and the solicitation period to March 22, 2010.

When requesting the extension, the company said pending cash collateral disputes had created uncertainty in the forecasting of its long-term operations and impaired its ability to concentrate on reorganization issues.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multi-family residential properties, filed for bankruptcy on March 26. Its Chapter 11 case number is 09-13356.

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