Mortgage Lenders' fifth exclusivity extension approved

By Caroline Salls

Pittsburgh, June 25 - Mortgage Lenders Network USA, Inc. obtained a fifth extension to its exclusive periods to file a plan of liquidation 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 Aug. 6 from May 15 and the solicitation period to Oct. 6 from June 30.

Although it already filed a plan and related disclosure statement on March 12, the company said it needs more time to allow the official committee of unsecured creditors to complete settlement discussions that could result in the filing of a consensual plan.

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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