Money Tree looks to extend exclusivity, continue disclosure hearing

By Caroline Salls

Pittsburgh, April 25 - Money Tree Inc. requested an extension to its plan of reorganization filing exclusivity period to Aug. 14 from June 13, according to a Wednesday filing with the U.S. Bankruptcy Court for the Middle District of Alabama.

As previously reported, the company filed its plan on April 16.

Money Tree said it needs more time to find a replacement investor now that a plan is now on file that will generate a substantial return to creditors.

The company said it has decided to hire a chief restructuring officer to turn the company around and find an investor. As a result, Money Tree said it expects a new investor to be found "in a timely fashion."

According to the motion, the company has agreed that its exclusivity be terminated if no investor has been found by June 13 or if Money Tree has not filed an amended disclosure statement to identify a replacement investor by that date.

In addition, the company asked the court to continue its disclosure statement hearing for 30 days. The hearing is currently scheduled for May 21.

Money Tree, a Bainbridge, Ga., consumer loan company, filed for bankruptcy on Dec. 16. The Chapter 11 case number is 11-12254.

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