BankUnited Financial exclusive plan-filing period extended to Aug. 4

By Caroline Salls

Pittsburgh, May 11 - BankUnited Financial Corp. received a third extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The company's exclusive plan-filing period was extended to Aug. 4 and the solicitation period to Oct. 3.

As previously reported, BankUnited asked the court to extend the filing period for 90 days from the date the debtors file their fiscal year 2008 federal tax return and the solicitation period for 60 days from the conclusion of the extended exclusive filing period.

BankUnited believes its requested extensions fall well within the statutory limitations of Nov. 22, 2010 for the plan-filing date and Jan. 22, 2011 for the solicitation deadline.

In the motion, BankUnited said its request "is intended to facilitate an orderly, efficient and cost-effective plan process for the benefit of all creditors and parties in interest."

BankUnited Financial, the holding company for BankUnited FSB, filed for bankruptcy on May 22, 2009. The company is based in Coral Gables, Fla. The Chapter 11 case number is 09-19940.

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