Mortgage Lenders Network gets 90-day exclusivity extension

By Reshmi Basu

New York, Oct. 24 - Mortgage Lenders Network USA, Inc. obtained a 90-day 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 District of Delaware.

The company's exclusive plan filing period was extended to Jan. 2 from Oct. 3 and the solicitation period to March 3 from Dec. 4.

As previously reported, the company has been focusing on the sale of its assets and wind-down of its operations, and, as a result, it has not had time to formulate a plan of reorganization.

Mortgage Lenders has also filed lawsuits that may bring additional proceeds for distribution to creditors.

Mortgage Lenders Network, a Middletown, Conn.-based lending company, filed for bankruptcy on Feb. 5, 2007. Its Chapter 11 case number is 07-10146.

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