In advance of a hearing today on Residential Capital LLC's request for a 60-day extension to file a reorganization plan, ResCap on Friday aimed to deny an attempt by bondholders to have a bankruptcy court thwart the request in order to file their own reorganization plan, Dow Jones Newswires reported yesterday. The creditors, a group of junior secured bondholders, want a judge to deny ResCap's request for a 60-day extension, through late April, on its exclusive right to file a reorganization plan without the threat of rival proposals. In its Friday filing, ResCap, the mortgage subsidiary of Ally Financial Inc., notes that its unsecured creditors' committee supports the company's bid for more time. Originally, ResCap wanted a 90-day extension but reduced it to 60 days after negotiations with the committee.
