Ally Financial Inc. mortgage subsidiary Residential Capital wants more time to exclusively file a chapter 11 reorganization plan as it faces resistance from various creditors, Dow Jones Newswires reported yesterday. In a court filing yesterday, ResCap asked a judge to extend its exclusivity period through May 29 from a current expiration of Feb. 28. ResCap's exclusivity period has been extended twice before. Ally has proposed paying ResCap's estate $750 million to settle third-party claims, though creditors say that amount is too small. ResCap is in mediation with creditors and Ally to try to reach a consensual deal, though ResCap this week filed a motion to appoint a seasoned bankruptcy attorney as its chief restructuring officer to help further progress on this front.
